To act like a complete gay punk ass bitch.
To act like you are the shit, and that you can gay pimp anyone you want. In short, the word gay pimp can go either way. The word is best used in lieu of song lyrics. (i.e. "Gay Pimpin'...Gay Pimpin'love" - Leona Lewis' Bleeding Love)
Jeremy: Man, Look at Travis, that honky be gay pimpin over there!
P.J.: Yeah man, Trav just be Gay pimpin allover the bar!