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3.
A person who not only fails at something, but is a fag about it too.
person 1: I may have lost, but i still kick your ass noob
person 2: failfag.
by `Olek February 18, 2009
 
1.
f~cking ~ssholes that think that they are cool, or funny by saying the word "fail". This person may be deemed a failfag if they use the word "fail" as a noun, adjective, adverb, or uncessfully conjugate the word as a verb. Failfags do not realize that this word has been long taboo'd, and that the word eventually gets old. Failfags may also overuse the word "epic" in an uncuccessful attempt at sounding cool.
**Kevin drops his pencil
failfag: FAILL!!! hahahaha!
kevin: Shutup, don't be a failfag
by 3V3RY0N3! April 14, 2010
 
2.
Another term for "failure."
Person A: I tried to be funny, but they threw tomatoes at me...
Person B: You're such a failfag.
by Mattanonymous February 11, 2008