A derivation of fam, with the same meaning. But with an connotation of smallness or cuteness, in a similar way to piglet, manlet and so on. Can also in some contexts be derogatory.
Are you bringing John to the party? Ofcourse, he's my fucking famlet man
A "littlefag".
The word is usually used to refer to lesbians as opposed to gay males.
It is mostly used as a term of endearment among lesbians, and directed toward one another in a joking, non-threatening manner.
Example 1-
Woman #1: "Hey guys, check out my new Subaru-- it came with a sweet kayak rack! Now I'm going to rugby practice."
Woman #2: "God, you're such a faglet."
Example 2-
Woman #1: "Look, there's my Women's Studies teacher walking down the street."
Woman#2: "Is she a faglet?"
Woman#1: "Uh yeah! Look at her Birkenstocks and mullet, dude."