To have a good time without paying for it. It can also refer to owing your friends money and then flipping the script on them and trying to create debts that never existed.
"Hey man you gonna chip in for that pizza tonight?" "Nah man I'm broke, I think I'm just gonna Feroli it."
Shit for brains. Cranial- pertaining to the head. Fecal- Pertaining to excrement. -itis: this is added in order to makethe word more medically appropriate. Not to be confused with -itis in reference to the drowsy after effect of eating a large meal.