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1.
Magnificent in such an over-the-top, fabulous manner that the style, widget, or event must have been made fashionable by the livelier sort of gay men, most likely while they were dressed in sequined drag and crooning Yma Sumac numbers. In connotation, "fagnificent" is markedly more fabulous than "fabulous" and notably more campy than "splendiferous."
"That big, ruffled Roberto Cavalli skirt... it's positively fagnificent!"
by radioactive_kitty October 07, 2005
 
2.
1. A homosexual man that is (often self proclaimed) magnificent in some way.

2. Anything said homosexual declares as magnificent.
"Ronnie Kroell is absolutely fagnificent!"
"Kurt Hummel is absolutely fagnificent!"
"Joel Burns is absolutely fagnificent!"

"His outfit is absolutely fagnificent!"
"This Long Island Iced Tea is absolutely fagnificent!"
"Martha Stewart Living is absolutely fagnificent!"
by ststm327 October 30, 2011
 
3.
Origin from the English, magnificent, fantastic, and fag.

Outrageously and hilariously wonderfully gay. er... I mean awesome.

"Pavi, I spent all day baking cookies, played happy new year with babies. It was fagnificent."
by princess anna January 01, 2008