An excuse for using the term "Gay" in a negative way, without seeming to be offensive. However, changing the spelling of the word doesn't change how offensive it can still be to homosexuals.
Person1: That's ghey!
Person2: Dude, don't use that word.
Person1: But I'm spelling it g-h-e-y.
Person2: Dude, that doesn't matter, it's still offensive.
Person1: Well, that's ghey!
Person2 thwacks Person1