Abbreviation of the word
faggit or faggot, meaning homosexual or gay. For example:
07:38 <@_XIII> hai Quicktime`
07:38 <%Quicktime`> ;p
07:38 <%Quicktime`> fago
This term/insult is often used in the unknowncheats /
uc-forum
IRC channel and is usually used by Quicktime.