A lie used to get someone out of bed in the morning.
From the phrase 'wakey wakey'.
'John get up, the bed is on fire!'
'Wakey Fakey!'
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When you awake from a dream to realise that you still in a dream.
"I thought I was Awake, but it was a Fakey Wakey"
"I had multiple Fakey Wakies last night before waking up for real"