Short for Fag Circle Of Trust, where a bunch of naked dudes stand around in a circle and sit down on each others erect cocks and joining all that are involved in a massive gay orgy that relies on everyone to work.
Dude 1: Hey do you want a do a F-COT, we do it all the time at camp?
Dude 2: Sure.
Dude 1: Ok than take off your pants and get an erection.
Dude 2: WHAT!?!
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Getting so completely fucked up at work that you can't function or do anything correctly at all.
Dude 1: I'm so ducked out right now.
Dude 2: Yeah I can tell you trying to pee in a pot and heat it up in the oven.
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