Takes after its less emphasized sibling faggot. Often used online more than in real life. A huge faggot is not necessarily homosexual. Simply put it is a universal pronoun to describe another person that one disdains.
Person 1: I pre-ordered Pokemon Heart Gold.
Person 2: Dude, you are a huge faggot.
Person 1: Hey guys wana go watch High School Musical 3?
Person 2: I am detecting huge quantities of faggotry.