A rather comical pairing of two words that, when said in the correct way, can sound rather rude. Usually used as a question by more mature classy ladies who don't realise what they've just said until they hear the laughter of young boys nearby.
Try saying the example below and you'll get the drift of what a 'fox hat' is all about. (Think f+++s that")
Daughter: "Which hat shall I wear to the annual hunt mother - my moleskin one or the fox one?"
Mother: "What - the fox hat?"
a term referring to a generic sellout failure who is NOT winning!
She got back together with that Fox hat!! Yeah, and she is so Gucci...its really odd she would be with such a Fox hat! She could do so much better...