A combination of the words free + easy.
Usually referring to a woman that seems like an easy target for a one night stand while being free of any negative attributes such as (but not limited to) being fat, ugly/unattractive, diseased, infected, completely intoxicated, etc...
Guy 1: Yo man this girl is going to be a total freasy for me the way she is grinding on me tonight!
Guy 2: Oh yea! You better tap that soon before she is tanked and useless!
Guy 1: As long as there is even a faint pulse she's still freasy in my book.
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