Scottish slang for a floppy penis. The word is derived from a combination of the words "floppy" and "boaby", the latter being Scottish slang for penis.
Aww mate chief Ryan's got a proper floaby
SK loves the floaby in his jobby
A nickname close friends give each other in greeting from the heart, telling others that they are extremely close
"Hey did you hear David and Liam call each other Floaby earlier?"
"Yeah I never realised they were that close!"