The state of mind one finds him/herself in when the time is right to fap (a perverted version of happy time)
Dude, I just finished watching Game of Thrones, and I'm home alone, not it's fappy time.
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The instance in which you masturbate and are laughing uncontrollably. Usually involving up to 10-15 people male or female.
Last Friday was a straight up Happy Fappy Fun Time