Funyons & Faggots, refers to the loserDungeons and dragons (D&D)guys. who usually smoke pot and fuck each other. the pot making them want funyons, the sodomy makes them faggots.
To Fuck around and Find out. To learn by trying; getting one's handsdirty with direct experience; to do, not to read about; to jump in.
Sam needed to repair his lawnmower. Instead of reading the manual he simply F&F'ed until the issue was gone. Saving him time reading, as adding time to the repair.