Anal sodomy commited by a group of friends with an inanimate object such as a poll or cardboard tube. No lubrication is necessary and the victim is known as the falooted and the perpetrators are the falooters. "Faloots" is yelled upon entry of the anal cavity and at least 3 thrust must happen to make an offical faloots.
Just another way of saying something is way fancy or above one's means, or as a way to slam something they wish they had but don't own or can't afford.
1. Look at Wendy with that high falootin' camera. She takes way better pictures than I can with this cell phone camera.
2. Jill thinks she's all that because she's got a high falootin' Fendi bag, but she's still a skank.