1. Alternative word for sex to be used between friends/partners/lovers in social situations.
2. When used with someone unfamiliar with the definition, it can be used to explain something very intricate or complicated thereby raising the conversation over that person's head.
Husband in front of guests: "Hey babe, do you think flazbo has a chance of occuring tonight?"
Teacher: "You see, the reason that Fe is the symbol for iron is because it comes from the root word flazbo, meaning metal."