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A "little fag".
The word is usually used to refer to lesbians as opposed to gay males.
It is mostly used as a term of endearment among lesbians, and directed toward one another in a joking, non-threatening manner.
Example 1-
Woman #1: "Hey guys, check out my new Subaru-- it came with a sweet kayak rack! Now I'm going to rugby practice."
Woman #2: "God, you're such a faglet."

Example 2-
Woman #1: "Look, there's my Women's Studies teacher walking down the street."
Woman#2: "Is she a faglet?"
Woman#1: "Uh yeah! Look at her Birkenstocks and mullet, dude."
by A.B.K. September 26, 2007
A hybrid of "Faggot" and "Piglet" from Winnie The Pooh because he's pink and gay.
"Oh look at that guy, he's wearing pink!"
"Yeah he's such a faglet!"

"Don't wanna go to a faglet wedding."

"He likes baking mini-cupcakes with pink icing and little chocolate hearts?! GET AWAY FROM THAT MOTHERFUCKING FAGLET!"
by MaKhMoBo July 07, 2013
A group young men or boy's who hasn't realised their homosexuality yet.
Jerry: Look at those boys dressing up and playin wit dolls and shit!
Lee: Yup, those little fuckers's be right little faglet's!
by Edward0 September 20, 2006
A very young fag, especially one under the age of eight.
"That six year old boy was staring at my ass"

"What a faglet!!
by Helluva Gangsta February 28, 2010
a mini-fag insult....a little homosexual....a friendly insult, not really demeaning, but very LOLful
LOL that 11 year old is such a faglet LOL
by Lesliecatkitten July 31, 2007
A baby fag.
Aww look at the faglet...he's so cute.
by yer mum2525 August 14, 2008
A gay younger lady that is openly gay.
"Did she just get a happy meal in those cargo shorts.....faglet!"
"I went to the softball tournament and trip over a faglet's fanny pack!"

by Ol'Crowley April 29, 2008