Referring to the fact that you are starving for a funnel cake. This word is most commonly used at carnivals or fairs.
Of course, it can also mean that you're hungry for fun. Or maybe you're hungry for sex--whatever you consider fun.
Jamal: "Mom, can we please stop and get a funnel cake? I'm so fungry!"
Mom: "Sure, dear. Just after we go on the Tilt-A-Whirl!"