Here's a breakdown:
* il: pronoun meaning "it"
* faut: third person singular present tense of the verb "falloir," meaning "to be necessary"
Examples:
* Il faut manger. (It is necessary to eat.)
* Il faut partir. (One must leave.)
* Il faut que tu ailles. (You must go.)
It's important to note that "f**t" is a very informal way of saying "il faut" and is generally not used in formal writing or speech.