Faaza is an Arabic word that means "he won", "he attained victory". This is what the person you mentioned meant. It is pronounced Faaz only when it is at the end of a sentence: laqad faaz means "he has won." There are some rare names that are verbs, such as Samaa ("he/she was/became exalted"), but they are usually words that end in a vowel regardless of their position in a sentence, i.e. the a at the end belongs to the word and cannot be taken away. I haven't seen any verb-names that don't end in a vowel, for this reason Faaz as a verb seems strange to be used as a name, an Arab hearing it immediately feels that it is missing something, since you never say Faaz unless you were saying things before it and Faaz is the last word in your sentence.
Faaz, from the same root, is a noun as well, it is the plural of Fazah/Fazat, which refers to a large umbrella with two columns, so Faaz in this form means "many huge umbrellas".
Whether you use this word as a name ultimately returns to you. The above is all the information there is in regards to its Arabic meaning.
Faaz is also Persian word that means "phase", it is taken from French, which is also the source for the English word "phase".