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1.
This term refers to fuckable elderly persons, esp. women.

The word is formed from a contraction of 'frail' and 'bait':

FRAIL adj. Having delicate health; not robust; weak.
BAIT n. An enticement; temptation.

See also jailbait.
Man1 and Man2 are walking down the street. Hot granny crosses the road.

Man1: "Phewee, check out that frailbait!"
Man2: "Yeah! Imagine that bent over its Zimmer!"
by GoldenSpatula September 16, 2010