He was offered 7K a couple weeks ago. Got greedy and turned it down. Back in 2006, he was approached by someone who wants to use it for adult site (I think FWB stands for friends with benefits?), he was offered 25K then (I guess the economy was way better than now). I think he still regrets about not selling it back then.
Look like the offers are going down... from 25k to 7k to??? if it was mine i would grab the next best offer before it's too late.
Everyone here is trying to low-ball you. The domain is worth low to mid $xx,xxx as for the exact reasons you have stated. Three letters is rare enough but three letters that have an actual meaning (in this case: friends with benefits) are even rarer. He was a fool for not selling it for 25 as that's probably the best offer he will get for awhile.