To back out of something at the last minute. Similar to "pussy out." Derived from the word "flaccid," and pronounced "flass out." When
one flacces out, his flaccing out is compared to his penis going
soft right before a critical juncture in a sexual encounter.
Aaron: Hey bro I
don't think I can come rage tonight, I'm feeling sick.
Bro: Aw come on man don't flacc out on me.
Chad: Hey
dude why wasn't Aaron there last night?
Dude: Bro told me he flacced out at the last minute.
Chad: What a flacchole.