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1.Anything you want it to be. Could be replaced digging it or hating it and not thinking it's brill at all. Usually used with fuggin.

2.It could also be an excited or extreme action.
1)
A. Im fuggin faloogin brilliant!
B. That parking space is for the handicapped? How fuggin faloogin

2) Dandy Alex stubbed his toe and he was faloogin all over the place
Faloogin by KAE THE GREAT August 13, 2006
Related Words

fanoogie 

As in FNG. Of U.S Armed Forces Viet-Nam War origins. FNG standing for Fucking New Guy. Describing a soldier without combat experience, not necessarily merely new to any particular unit. Also pronounced: Effengy
That freekin' fanoogie damn near got my ass blown off!
fanoogie by George B. Mastovich September 28, 2007
Flanoogin, when a group of lesbians have an orgasm whilst drunk often after drinking too much gin.
E.g. Hey mate did you hear about Ashleigh, she had a massive flanoogin last night with like 10 bitches, it was well bangin
flanoogin by SpecsyBeast101 September 27, 2014

fanooking 

a step above saying 'fucking' when you are mad.
fanooking by bigmacmealdeal October 29, 2018