Slang: "Far Fucking Out" or "far freaking out" depending on your audience. It means the same thing as "cool" or 'tight". It is used to express appreciation for something and can/usually is substituted for the word "cool".
"Dude, I just found out that I won concert tickets on the radio"
"Far fuckin' out!"
-via text messaging-
"aye, how was that party last night?"
"ffo man.... i'm so hungover!"
70's slang, far out, cool
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