He didn't create the word. The urban dictionary primarily says:
"A combination of the words free + easy.
Usually referring to a woman that seems like an easy target for a one night stand while being free of any negative attributes such as (but not limited to) being fat, ugly/unattractive, diseased, infected, completely intoxicated, etc..."
but also as a third option gives you:
"Freasy, a combination of fried and greasy. Originated in rural Nebraska near Alvo."