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A fabbot is when you take the word faggot and slap fabulous on it like it owes you money. It means a gay guy you think is hot but still kind of a twerp.
'He’s a fabbot, but he still thinks he’s the king of the gym.'
'I call my cousin a fabbot because he’s gay and wears glitter every day.'
'That guy is a fabbot, but he still can’t sing worth a damn.'