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1.
When one realizes their blunder and uses a tactic to try & cover up their mistake. Whether it works or not is to be determined by the situation.
Joe realized what a fuckin dork he was when he used that lame pick-up line on Beth and her friends so he tried to save face by saying he had to go to the men's room.

Jill didn't get the joke, but she laughed along to save face & hoped that no one would ask her to explain the punch line.
by MischiefMaker December 28, 2003
 
2.
(verb) The act of coating your face with something you find so delicious that you intend upon licking it off later.

(Noun) A person’s foodstuff-coated mug.
Example (verb): “That falafel was so good that I bought another one and Save Faced it.”

Or, “After George went down on me he didn’t wipe his mouth off. Then he went in for a kiss –dude totally tried to Save Face me! Needless to say, George and I are over.”

Example (Noun): “Dude, bro – obviously that girl really liked her chocolate ice cream, look at her Save Face.”
by Ayanami of H.I.R.B. May 12, 2009