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1: A bucket used for the disposal of Cigarettes (A fag is the UK word for a smoke).

2: Another word for a homosexual mans ass.
"Hey, Im going to dispose of my Fag in this Fagbucket"

"I totally put my cock in his fagbucket"
by Exagerative June 15, 2009
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one who is very faggish in nature, typycally homosexual, and often bisexy
mr.chan is such a fagbucket, his dick tastes like shit
by koh1v4 August 21, 2007
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