Military Pockets defines the term "Blue Falcon" as;
 Blue Falcon - someone or something that screws others over to elevate them self.
 Blue Falcon - is a code word for "Buddy fu*ker". This is someone who sh*ts on a fellow soldier. The term Blue Falcon is used in the presence of people who would object to the profanity of the actual term.
 Blue Falcon - a socially acceptable reference to the acronym 'bf', also known as 'buddy fuck'; referring to an action that leads to 'fu*king over' your 'buddy'. Common in military parlance.
 Blue Falcon - generally a military term, used to describe "that guy" who always gets everyone into trouble. The meaning of the term is "Buddy Fu*ker".
 Blue Falcon - Term originating from the military meaning a "buddy fu*ker". Someone who is a fuck-off and drags their buddies into shit with them.