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It's an adjective used to describe a person or event. Someone is acting cheap, arrogant, self-centered, superior to others, snobbish, or as a jerk, they are a floog. You can also use it as floogish. If an event has the characteristics of a floog than that event is floogish.
That guy who gave me no tip, and was acting arrogant is a fucking floog.
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