To fantasize about good food while eating crappy food. Similar to masturbating in that you are fantasizing.
"Did you see that Dominos Pizza commercial? Ooooooh I want Pizza now. Too bad I am broke. I guess I will eat toast and fooderbate about Pizza."
Eating something boring and fantasizing that it is actually something good. similar to masturbating but involving food and non-sexual
Last night I wanted Pizza so bad but I was broke and only had a loaf of bread so I fooderbated about Pizza while I ate boring toast.
I fooderbate about lobster all the time.