It’s an acronym standing for Can’t Remember A Fucking Thing. It’s usually used to describe embarrassment at being unable to remember someone (CRAFT moment); going onstage as the lead in the latest theatrical performance and your mind goes completely blank (CRAFT situation); the next morning after a night when you got pissed as a fart and woke up in bed cuddling a traffic cone and a string of fairy lights wound round your prick.

Originally a word used in the ghetto of Switzerland, but brought to the US by some emigrants.
Schnäbi is the most appropriate word to identify a little (for some different oriented men: cute) penis.
It can also be used as an insult.

Swissgerman word for cock