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1.
term used to identify a complete waste of space/life/time. Combination of the words "fuck" and "waste" or "fucking waste".
Tom: You know Jack does nothing but sit on his ass all day and browse the internet!
James: Yeah, he's a total faste of space!

example 2:

Jack: Man browsing the internet all day is a total faste of time!

example 3:

Living in your parents' home past the age of 30 is a faste of life.
by Jay McCrapper January 06, 2006