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Its just a word used in games with swear filters (like Gunbound)that prevent you from saying "faggot" used by smart people to get around swear filters.

*note: also fa99ot
Squall: you fukcin Fa66ot! lol.

Nightwave:Yeah, you know me, that hot-headed Touji fa66ot!

Squall: stfu
by Squall December 09, 2004
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