This expression I got from a pro-Bush advertisement. In its full form:
W is for Winner"
The meaning is certainly something negative, and probably related to media, and certainly funny as a verb. Maybe now one can say: "I've been fahrenteid last night". "The experimental Linguistics blog will never be fahrenheited!". And there you go. So far, I found 16 hits of "farenheited". Mostly politics related. But probably this one will never make it to the OED.