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A company-mandated unpaid vacation, becoming more and more common as the economy sours.
"Dude, why aren't you working today?"

"I'm on fakation. I can't afford to go anywhere, 'cuz it's unpaid."
Fakation by jc2 April 12, 2009
To fake sick in order to have a "vacation" day.
My vacation days are all for Christmas through New Year, so I took a couple of fakation days in the summer.
A vacation that is lacking, either because it is too short or the location is too ordinary.
In comparison to my two-month backpacking adventure in Central America, the 3 night stay in Vegas was a fakation.
fakation by Carly O'Rourke March 10, 2008

Falationship

We aren't really dating per se, for the most part she just gives me head. Sometimes I return the favor. It's really just a falationship.
Falationship by DJ J-dot June 3, 2010

Fakeation 

A fakeation is a fake vacation, where you turn on your email autoresponder and change your outgoing voicemail message to show that you're out of the office. Really, though, you're in the office, catching up on work.
"That guy was so far behind in his work he had to declare a fakeation to try and catch back up."
Fakeation by Alex Clemens October 8, 2008

Flakation 

The period whereafter a friend flakes on you and then becomes completely unreachable and virtually non-existent.
Katey: "Dave was supposed to meet me out for drinks on Tuesday, but he totally flaked and didn't show. And now he's not returning any of my calls."

Josh: "Yeah. Sounds like he's on one of his flakations."
Flakation by jimster360 February 5, 2010