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The act of telling a lie, half truth or other tall tale for no apparent reason whatsoever, usually to obscure some seemingly trivial fact or detail, then continuing to perpetuate the lie despite overwhelming evidence to the contrary.

A fez is usually told to cover up something everyone else other than the fezzer already knows and accepts as an obvious truth.

The act of "fezzing" is named after fabulous Fez Whatley, co-host of the Ron & Fez show which airs Weekdays 11am-3pm EST on SiriusXM's Opie & Anthony channel.
He said he still lived on Retard Island, but he was fezzing. He actually moved to Manhattan 15 months ago.

He said he got a cab to work. It was a bold face fez! He actually walked in. Why did he fez about something so trivial?

Man, did you hear the show today?! Fez was fezzing like crazy! It was driving Ronnie & the audience nuts. Ron must have the patience of a saint to put up wit all of fezzes Fez tells. Ronnie is a hero.

He fezzed for years about having not seen a movie and no one really understood why.
Fezzing by TheContrarian November 6, 2012
Related Words

Fizzling Kevin 

A "fizzling" type 6 bowel movement (per the Bristol Stool Scale). Has the potential to clog toilets due to excessive use of toilet paper.
A man left a Fizzling Kevin behind in the public restroom. No one was happy.
Fizzling Kevin by Saggy2 November 10, 2009

Fizzling. 

The feeling at the base of a penis just before ejaculation.
A sure way to know that
a) You've done your job and its about to be over
OR
b) You know you have time to escape the juices of love.
Sarah was blue in the face after giving head for four hours, when at last she felt the fizzling. She knew her work was almost done. She took one last gasp for air and sprinted to the fizzle line.
Fizzling. by Badger501 March 28, 2009
Light rain, lighter than drizzle
"its fizzling outside"
fizzling by annielack November 19, 2007
Inspired by the tv character Fez from That 70's Show, fezzing is to say a word in a fezetonian accent, or to say one of his catchphrases. This is especially hilarious when said unintendingly.
Claudia: No, its pronounced like ahhhh, chill.
Stuart: Ohhh! i thought it was like awww chill...wow, i was completely fezzing it, wasnt i?
Fezzing by d-bombbb February 27, 2009

I'm siz-fizzling 

I am hot
I look good
I am attractive
In this top, I'm siz-fizzling. (pronounced siz-i-fiz-a-ling)
I'm siz-fizzling by dancefreak September 30, 2009