A completely heterosexual man who prefers the company of homosexuals. A bouffant is likely to hit on girls in a gay bar and is tolerated by the gay community under the premise that he "might" switch teams, though he never will. Whereas a 'beard' makes a gay man seem more masculine, the bouffant gathers gay friends to seem more sensitive...and sleep with his gay friends' female acquaintances. The term derives from the 50's hairstyle involving copious amounts of air, fluff, and hairspray.
Bouffant is not necessarily a pejorative term, only cautionary. See Hustler.
"I took a close girlfriend to a gay bar so she wouldn't get hit on, but that bouffant James Franco was there. "
"I fell in love with a bouffant. I've paid his rent and he still won't sleep with me, but I don't care because he's charming and beautiful."