1) A derogatory name for a homosexual of either gender. Origin: 1350–1400; Middle English bom, meaning the buttocks
2) A phrase one uses when disappointed
Guy 1: Dude, what’s with that guy’s mustache, is he a fag?
Guy 2: That word is offensive, you can’t use it anymore!
Guy 1: I can’t say fag anymore? Bummer.
Guy 2: Don’t start calling me names, you butt-pirate