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1.
n.
a watch that is modeled after a real rolex, but worse quality and cheaper price
I just got this sweet fauxlex at walmart for only 20 bucks!
by schenksta November 12, 2004
 
2.
A knock off or fake of a really expensive, often fashion related, item sold for "one hell of a deal". Derived from the watch, Rolex, being a famous 'knocked off' item. Usually purchased from a street vendor, out of the back of a van or in another questionable transaction. And usually of poor quality.
"Check out the watch I got from this guy on eBay! A Rolex... for $50!"
"Dude... that's a Faux-lex. The '5' is upsidedown."
by Rock Deputy November 04, 2005