A person not biologically related to you but one you still hold in the utmost regard; someone you trust with your life. Or just dat nigga walkin' down duh street, whatevs.
Random Nigga: Ay yo fam, wats really hood??
Person with Decent Education : Uh, do I know you?
By Martelle
Fam
Short for "Family." Used to describe close friends, associates, people, etc.. Mostly used in New York, but what people fail to realize is that the term "Fam" is actually from the south.
Short for "family." Generally used among modern teenagers as a slang term for their friends. The term has been used prior, but it has been given immense popularity today as a satirical term against people who say the term in it's literal use.