1) realizing you might be gay.
2) "receiving" some anal sex while thinking it might be great.
3) realizing that it sucks
4) realizing you are, indeed, not gay but have some gay dude's dick in your ass.
From the roots fag- meaning gay and agnostic meaning indifferent. A person who is fagnostic isn't really gay, but isn't really opposed to the idea. Most fagnostics are closet cases or 'three beer queers.' Also, refer to 'hipster.'
Co-worker #1 "Look there's Jim, I heard that he's gay, someone saw Todd blowing him at the Christmas party."
Co-worker #2 "No, Jim's just fagnostic, he'll take oral from anyone when he's drunk, he's got a girlfriend in Canada."
A homosexual (male) that is completely in love with his own gayness and believes no one is as gay as he.
I was excited to show Stephan my new manpurse but he just went on and on about how much better his was... he is just so fagatistical I cannot stand it!