In linguistic terms, this phenomenon is call the "fucking infix" or, more generally, the "expletive infix." Probably the first (and most colorful) linguist to write about the fucking infix was James D. McCawley (1938 - 1999).

An infix is a word or component placed inside another word in order to alter its meaning. In English, prefixes and suffixes are common, but infixes are pretty rare. Some languages quite commonly use infixes.

Since the linguists have thought about this, they have come up with some linguistic rules that govern how you'd place "fucking" inside an English word. (This work is part of the study of prosody, which is the study of patterns of intonation and accent of speech, and how it affects meaning.)

  • The fucking infix is nearly always placed before a stressed syllable. Thus we have "fan-fucking-tastic" but never "fanta-fucking-stic", and "abso-fucking-lutely" but not "ab-fucking-solutely". "Un-fucking-believable" is a counterexample that has seen lots of discussion -- the rule would dictate that we'd say "unbe-fucking-lievable", but nobody says that!
  • The number of syllables in the base word is important -- there needs to be at least 3. It usually won't work with a 2-syllable word. An exception might be words that have two equally stressed syllables, like "sawhorse" -- "saw-fucking-horse". Although, when you'd have an opportunity to say that, I would never know. Two-syllable words with the accent on the first syllable probably never lend themselves to being augmented with an expletive infix. Consider "coffee", "dongle", "printer"... the infix would sound very awkward with these!
The use of expletive infixes seems to be actively evolving, in all English-speaking areas. Some sources claim that "fucking" is the only English word that can be used in this way, but there are several other examples that come to mind: "bloody", as in "kanga-bloody-roo", and "damn", as in "guaran-damn-tee" or even "guaran-goddamn-tee".