A general insult used by grade-school kids to indicate general disdain for a person. Much like the epithet, "faggot," (see Eminem lyrics) this term has transcended its homesexual meaning to become something else entirely. See also gaywad.
Hey, check out that guy wearing black socks with sandals and a Members Only jacket... What a gay-wad.
(derogatory) Technically, a group of retarded people. But the term is usually used to describe a group of people considered to be dorks, idiots or weirdos. Also used as an insult by suggesting that someone is a member of said squad and should be riding the short bus to school. See also tard.
Man, check out Leisure Suit over there... is he auditioning for the tard squad or something?