A combination of a "fairy" and a "fag." The term is not as ubiquitous, and therefore not considered to be as offensive, as either root term, but is mostly usable as a substitute for either in its own connotations.
Beastor-X: What's with you wearing that wig all the time, are you some kind of fairg?
Switchblade: Uhh, shut up dude, you're the fairg!
The perpetual and unfailing insanity ("i") of females of all ages, races, creeds, colors, religions, sexual orientations, and other dispositional differentiators, without exception.
"Man, 100% of girls are just crazy. Every last one of them, I swear."
"Dealin' with some of that i-factor lately?"
