FIPG stands for Form In Place Gasket, and it works well. Another name in Toyota literature is Seal Packing, and the manufacturer is Three Bond. There are actually 4 common types, with some variances in availability.
The most common is black in color, and is used for sealing against oil (oil pans, timing covers, etc.) Its counterpart is gray in color, and until recently, was usually only found on factory assembled engines. With the advent of our Subaru engine in the FR-S, we've had to find a source for it, since these engines won't seal with the commonly available black FIPG.
There is another black FIPG, but this one is supposed to work with Long Life & Super Long Life Coolant. A lot of techs I know don't differentiate between the two, but use the one intended for oil on everything. Knowing the difference, there are certain portions of some timing covers, and few of our water pumps, that require this seal packing.
The fourth type should be familiar to MUD users as the orange one. It is designed to be used with transmission fluid & gear oil, so manual transmissions, transfer cases, & differentials are all places you will find this FIPG.
I could take the time & add part numbers to this if anyone is interested.