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1.
A simple combination of "frat-boy" and "asshole."

To be fair, not every boy who belongs to a fraternity is an asshole. However, we all know plenty of fratties who are.
Sigma Chi is full of frassholes.
by notafrasshole February 07, 2008
 
2.
Synonym for navel or belly button used when discussing the anatomy of a person that has a large amount of protruding frontal belly fat, otherwise known as a frass or "front ass".
"Did you see Rosie digging around in her frasshole for lint? Disgusting!"
by Hoboriffic November 02, 2008