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1.
The girl friend of a gay man who spends a lot of time and money in designer stores - (as in Wife And Girlfriend).
Store Assistant: And is this for your girlfriend, sir?
Gay Man: Honey, please - she's just my Fag WAG.
by Graceyloo November 28, 2007
 
2.
When a woman and gay man have an extremely close personal relationship, usually from knowing each other over a long period of time.

Updated term for Faghag

The plural can be applied when a singular gay man has many female friends who he usually congregates with on social occasions. Fag WAG’s
1# Dan: "On the invite it says 'Plus 1', Am I ok to bring my Fag WAG?"

2# Dave: "I'm out this weekend in town with my Fag WAG's"
by Levi Heard December 12, 2007
 
3.
The guys that live next door. usually plural, since they attract each other. Will take a years worth of shit and not do anything about it, other than the occasional fussy fit (glass bottles--so passe) See also boner or dillweed or total vagina
The guys that live at 509 N. Campus are definately fagwags.
by glindy April 13, 2005