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A Billy Faggot is someone that acts like a faggot with the intent to piss someone off. A regular faggot is someone that just naturally pisses people off because that's their demeanor.
Steve: Trey was being a such a faggot last night.

Jill: No, he was being a billy faggot.

Steve: A what?

Jill: Trey was clearly acting like that to piss us off.

Steve: Yea, true. He usually doesn't act like Steve-o from jackass.

Jill: Exactly, Steve-o is just a regular faggot.

Steve: Right, because Steve-o is like that all the time, and Trey is only like that when he wants to be annoying.
by PF316 July 20, 2010