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1.
Along with 'friglit' it is a variation of faggot.
"People who think I scam are fguts" - Snetmonch
by Snetmonch October 25, 2005
 
2.
A football play in which you run the ball straight up the middle, usually with no success at all, although it might work once per game. It is usually run constantly even when it makes absolutely no sense to run it. It gets its name because it either fucks you or it fucks them (usually you).
Quarterback: what play are we running coach?
Coach: F-GUT!
Quarterback: but its 4th and 19
Coach: just run it!
by SuperJohn24 October 30, 2011