Adj:
Outside of l33t speak, describing anything stupid or illogical. Used when there may be people present who take offense to using "gay" as a pejorative.
The movie theater's closed because it's raining? That's gayz0rs!
Interchangable with Phal at times. Whereas the aforementioned is a nickname exclusively for anybody by the name of Phil or Phillip, gayz0r is a nickname or adjective with the same meaning that can be used to refer to or describe anybody.
One drawback of the word is its anti-homosexual connotations and subsequent inappropriateness in mixed company.
This is a term when someone is pissed the hell off at someone who had just killed/pwned them. They say this at a person, or a event that has just happend.
Oh, tatn00b is o gayz0rs! he uses those maj0r h4x0rs!
Oh, that was gayz0rs how he shot me. HE USES THOSE FUCKING H4XX0RS!
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.