Functional Magnetic Resonance Imaging is a noninvasive tool for studying cerebral function. Many factors challenge activation detection, especially in low-signal scenarios that arise in the performance of high-level cognitive tasks. We provide a fully automated fast adaptive smoothing and thresholding (FAST) algorithm that uses smoothing and extreme value theory on correlated statistical parametric maps for thresholding. Performance on experiments spanning a range of low-signal settings is very encouraging. The methodology also performs well in a study to identify the cerebral regions that perceive only-auditory-reliable or only-visual-reliable speech stimuli.