A "little fag".
The word is usually used to refer to lesbians as opposed to gay males.
It is mostly used as a term of endearment among lesbians, and directed toward one another in a joking, non-threatening manner.
Example 1-
Woman #1: "Hey guys, check out my new Subaru-- it came with a sweet kayak rack! Now I'm going to rugby practice."
Woman #2: "God, you're such a faglet."

Example 2-
Woman #1: "Look, there's my Women's Studies teacher walking down the street."
Woman#2: "Is she a faglet?"
Woman#1: "Uh yeah! Look at her Birkenstocks and mullet, dude."
by A.B.K. September 26, 2007
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a mini-fag insult....a little homosexual....a friendly insult, not really demeaning, but very LOLful
LOL that 11 year old is such a faglet LOL
by Lesliecatkitten August 1, 2007
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A son or daughter of a smallish faggot.
Dude 1- That midgets a faggot.

Dude2- His son is a faglet.

Dude1- LOLOLOLOLOLOLOL
by TurtleDude87 December 29, 2010
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i dunno... a fag?
"Roman is a faglet, cause his moms a llama and his dad is a sandwhich! HAHA!!!11!!11!1!!1!1!!11"
by Steve The Martyr April 5, 2004
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i dont like brian he is always looking at my dick the faglet
by matt t March 29, 2005
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A group young men or boy's who hasn't realised their homosexuality yet.
Jerry: Look at those boys dressing up and playin wit dolls and shit!
Lee: Yup, those little fuckers's be right little faglet's!
by Edward0 September 20, 2006
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A very young fag, especially one under the age of eight.
"That six year old boy was staring at my ass"

"What a faglet!!
by Helluva Gangsta February 28, 2010
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