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An abreviation of the term fancy pants, used to describe somebody or something overly elegant or refined, uppity or la-dee-dah.

Can also be used to describe something awesome, generally good and impressive in a posative complementary way.
"Errgh (eyebrows raise) That's a bit f'pants" or "f'pants! That's really neat"
by click-pop September 18, 2011
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