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A weekend on Nantucket in which a bunch of rich people go there on the giant yachts. The weekend is full of drunken tourists who think they are special until someone steals their hat.

comes form sailing race term when the got lost.
where the fug-awi ( f*ck are we)
by Markatack May 21, 2005
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4
A 5-person, co-ed, road racing team in Southern California which dominates the local R.U.T.E. annual road race.
Who won the true co-ed division for R.U.T.E. this year? Oh, it's the FUGAWI!
by Rids February 11, 2011
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