Stop fagging around means fuck off in a nicer way. When someone is annoying you you say stop fagging around.
John annoyed Harrison and Harrison said stop fagging around.
is when a dude or dudes walks by another dude and the dude turns to look at the dude/dudes ass like men do when a girl walks by. Also known as the MFA.
Yo that guy is such a fruity pebble I saw him give you the Male Fag around when you walked passed him.
or
I was looking at the reflection as i walked by your homeboy Fred and I saw him give me the MFA, my ass started feeling hot so i covered it with both hands and started running!!