1. To bail on something, "pussy out"
2.To act in an unexpected, negative way.
1. We were going to go out, but Joe had to fag out and go to bed early.
2. I would get alcohol from my brother, but he will just fag out and give a speech on being responsible again.
1. To not do anything worth mentioning, hang out, chill
2. To not do anything productive, dick around, goof off
1. Yesterday was such a lazy day, I just stayed home and beat around
2. I went to the library thinking we would get something done, but we just beat around