I've always seen this written as 화이팅. Does this have a different meaning, or is it just another way of writing it?
You know, the funny thing is 파이팅 is Fighting!, but we don't use Fighting! in that way in English. ^^
I think the 화이팅 version came via Japanese, whereas 파이팅 is the direct Konglish
Go for it! You can do it! I lived in korea for 5 years and saw how it was used in sports tournaments and other contexts. good luck would have been one of the meanings but 'you can do it' or 'go for it' would have been closer to the feeling expressed