n. a big flamboyant gay man. It is most commonly used by gay men, and those who hang out with them, affectionately towards physically large gay guys as a way of emphasizing positive feelings towards homosexuality and large body images. However, it is sometimes used pejoratively.
Etymology: The word is a combination of fat and gay, basically short for fat gay. It was first used in the San Fransisco Bay area in the early 1990s, but is now in widespread use amongst gay communities world wide.
John: Look at the big guy. I don't think he's wearing anything.
Jill: Yes he is. Notice that when he attempts to jump, the fat rolls come up and reveal his totally awesome thong, half rainbow, and half neon pink.
John: Haha, nice! I love it when gay pride parades turn into fay pride parades.