1. A term originally used in synonym to happy. Rarely used in this way today except for in the phrase "a gay old time."
2. A term more commonly used today to refer to homosexual men. Homosexual women are also referred to as gay, though the more common term is lesbian.
3. A derogatory term that can be used for everything and anything, similar to how the term retarded is commonly used. It is often used in this sense by teenage males in an attempt to bolster their masculinity at the cost of demeaning the homosexual community.
1. "We're having a gay old time."
2. "Those two men are making out. They must be gay."