A derogatory term referring to anyone who owns a tuner/street racer to over-compensate for a lack of something else, as in a small penis. Pun on the unfortunately blockbuster hit film series The Fast and the Furious.
Mike: Dude, do you see thosestreet racers out there? Nice.
Steve: Yeah, but it's the Fast and the Penisless. Those guys got nothing else to be proud about.