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1.
1) A conversational term used when everyone in a convo knows what you're getting at, but you're starting to come off the tracks.

2) A term used as a placeholder, like a variable in mathematics. Best used when rhythm is more important to a sentence than details.
1)
"So, when she and I started getting hot and heavy, she reached down and uh, she. Sigh. Fair catch"

2)

"I stapled the fair catches to the wall so that you can't miss them when you sober up."

"Move the green fair catches across the map so you don't have to worry about getting flanked"
by Moneyhaus October 27, 2011
 
2.
when you and your buddy are at a club, and notice the same girl. whoever the girls comes to is declared the fair catch.
man, i was at a club last night, and my buddy and i were scoping out the same chick. all of a sudden, he got the fair catch.
by yblud January 10, 2009