Based on the Yiddish word verkakte. It can mean dirty, shitty, full of crap, or screwed-up.
"There was a time when a black man was killed for whistleing at a white woman, OJ killed a white woman and gets to whistle all day. Now that's fakakte."
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).