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.