F.F.F. is a tune, originally written and performed by Slim & Slam (Slim Gaillard and Slam Stewart) that got very popular in the 40's. A floogie is a lady of easy virtue -- the floy is V.D. Not an elegant lyric, but succinct at any rate.
Slam Stewart, who died only a couple of years ago, was a very active bass player in the late swing and early bebop period. He would improvise double bass solos arco, and sing along with himself an octave higher: in-tune, musical as all get-out (catch him on 'Dizzy Atmosphere', with Parker and Gillespie). It was a great sound -- like St. Colombe and one of his daughters, all in one.