way-out vs far-out

way-out and far-out both are adjectives.

Word	Noun	Adjective	Verb	Adverb
way-out	No	Yes	No	No
far-out	No	Yes	No	No

As adjectives, way-out and far-out are synonyms defined as:

Other synonyms of way-out include kinky, offbeat, quirky.

way-out (adjective)	far-out (adjective)
(informal) strikingly unconventional	(informal) strikingly unconventional