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.