A device or means for measuring the amount of time spent faffing around (as I am doing when writing this entry) as against doing constructive work.
E.g. an excel spreadsheet in which you enter the times when you start faffing and when you start on real production work.
A fafgot is a man that either lacks any or refuses any contact with the same sex, much like the slur "Faggot" fafgot could also be used as a slur. It may also be used in everyday sentences, much like the slur "Faggot" it carries a lot of weight in its own existence.