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Explanation: If this is Yiddish, it is an adjective/participle. The prefix "fa-,"
actually "far-," and the suffix "-ed" indicate that it is an adjective with a root contained between the prefix and the suffix. Yiddish seems to have a limitless ability to fabricate such new adjectives using this morphological pattern. Very often the fabricated words are part of an idiolect or personal dialect of a speaker and frequently they express the speaker's emotion, attitude or judgment concerning the object of the discourse.
Very often such words are jocular or amusing. To interpret this word, one would have to know the meaning of the root in its middle, "toots." This is not immediately recognizable. My guess is that the speaker created a satirical or jocular variation of the Yiddish word
"farputzt," which means "decorated" or "done up," as a woman going to a "fancy-shmancy" ball.