Louganis is basically a synonym for the word gay
, which can be used with both positive and negative connotations. The term derives from the family name of Olympic diver and gay advocate Greg Louganis. The beauty of the word is found both in its appropriation of the gay diver's name, but also in its intrinsically gay phonetics (Lou-GAYYYY-nis).
Dude, that white speedo is sooo louganis.