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Just the same as fag, but less offensive and more gay than fag.
Dood 1: Hey, fabbot!

Dood 2: I'm not gay, but what is fabbot?
Dood 1: It's like fag, but more gay, ye homo.
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A fabbot is the joining of the two words faggot and fabulous. It is normally used to describe a homosexual male whom you admire.
"He is such a fabbot."
by Alex Valencia July 10, 2008
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