Refusing to go out and socialise with friends. Often used when the subject would rather stay in with a spouse or partner.
Fred: Are you coming out tonight?
Bill: No mate, sitting in with the wife.
Fred: Stop Ferging Out!!
To avoid an event, bail out, normally with a pitiful or no excuse.
"Hey, why didn't you show up last night?"
"I just felt like ferging out."
Also past tense, "I really ferged out."