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A faygoat is a word used to disguise, FAGGOT. Aka a gay guy, usually used in a stupid manner.
Joe: Bob did you see that gay guy last night?
Bob: Yeah dude, he was suchhh a faygoat.
by guyowns123423457 August 29, 2009
a licentious man resembling an elf (derived from the words fay, meaning resembling an elf, and goat, a man lacking legal or moral restraints)
That fay-goat could stand some moral restraints!
by RobertOldhead March 21, 2007
Another term for the word faggot
Guy 1- He man, I heard you had sex with your 1st cousin, Shelby last week.

Guy 2- Goddamnit you faygoat, how many times do I have to tell you: I didnt know at the time!
by Marcus May 25, 2004