In essence meaning revision of study, except with connotations of both homo-eroticness, pretentiousness and a pure disdain for the act. Typically used in pejorative or neutral contexts.
Look at that prep, he's book-fagging his way through school.
Fantasy football hedging. Cheering for your fantasy football players without re-guard to the actual outcome of the game. The type of football rooting that disgusts die hard fans of actual football teams.
I was fedging last night when I was needed McNabb to throw a TD against the Giants despite having grown up a Giants fan.