look up any word, like the eiffel tower:
 
1.
A short way to say "favorites".-
In a webs for art like devianart and that sort.
You see a pic you damn love.
You see the box "Add this pic to favorites".
You click it.
"Pic added to faves"

or

"Add pic to faves"
Click.
Pic added to favorites.

or

Iron Maiden is ma fav heavy metal band of all time.
by Inferuz April 24, 2012
 
2.
It's the kind of look you'd see on a person's face after they'd just witnessed an elephant tap dancing on their mother.
Woah, man! Your face is totally fafe! What's goin on? Anything I can do to help? I have a car, I could drive your mother to the hospital!
by Marlazrach April 03, 2009
 
3.
A synonym for "best friends," faves is an overused word, in the same way that random is overused, by sorority girls who want to describe their best gal pals in a short and "cute" way.
Frat Guy: Where are you going for spring break?
Sorority Girl: Ohhh, I'm just going down to Cancun with a few of my faves.
by James Beazley April 05, 2006