"ghey" is an insult or used in place of "lame" or "suckish" or any number of similar words. it is used mostly because "gay" used to be an insult, but now being a more tolerable thing, "ghey" is it's own thing, not meaning to insult gay lesbian bi or trans-gender people, but to point out that something or someone is "lame" or "boring" or something of that sort.
me: wow jasmine, you are SO ghey! you never call me!
jasmine: that's cuz my ghey brother broke my cell!