Something or a situation that can be: gay, lame, boring, homosexual, retarded, annoying, shitty, horrible or an all-around travesty.
Guy 1: Hey man check out my new fanny pack!
Guy 2: That's gaysive dude...
Dude 1: Aw bro we're out of wine coolers!
Dude 2: Dude bro this is gaysive!