A poor imitation of a Seiko watch, usually found in flea markets, many tourist town jewelry stores, or Souks in the middle east. See Fauxlex for context/comparison
Flea Market Vendor: Very nice watch. For you, only $75.
You: Nice face details and smooth motion on the second hand, but I'm still not paying $75 for a Feiko.
Usually means, intelligent, nice, wise, handsome, sexy, buff, and modest guy. steals all the hawt gurls at school, making the other guys jealous of him.
Derp: dude, i just hooked up with durp!
Feiko: i banged Susan last night
Derp: gdammit im so jealous