A term usually used by heterosexual males confident enough with their sexuality to play around and get a few giggles and sometimes even males of the homosexual nature. Somewhat A parody of the term 'No homo'.
Dude1:When we play basketball, imma get in that ass.. ALL HOMO NIGGA
Dude2:Nigga you gay, I don't even wanna play anymore..
Dude1:Dude I was joking around!
Guy1:I need an external hardive bad
GayGuy:I could help you with that, all homo
Guy:*Slowly walks backwards*
Guy1:Did you hear about the whale who ate the sea men and swallow, how did they even manage to eat the birds?!
Guy2:I eat semen and swallow all the time, easy as cake. All homo.
Guy1:Thats it dude, i'm not chillin with you anymore
Guy2:It don't even matter cuz i got other boys, ALL HOMO
Guy1: I'm outta here man..