1: A bucket used for the disposal of Cigarettes (A fag is the UK word for a smoke).
2: Another word for a homosexual mans ass.
"Hey, Im going to dispose of my Fag in this Fagbucket"
"I totally put my cock in his fagbucket"
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one who is very faggish in nature, typycally homosexual, and often bisexy
mr.chan is such a fagbucket, his dick tastes like shit
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