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1.
The kind of lag one would experience on xbox live caused by a player watching gay porn.
Bill: OH MY GOD CHEZ! Turn off the gay porn, you're causing so much faglag.

Daryll: But I like it, please don't make me turn it off!

Bill: Don't cry, eat a carrot.

*Daryll throws controller against bedroom wall*

*...then eats a carrot.*
by Afromole June 18, 2009
 
2.
The effect left on you after being near someone incredibly annoying and/or an asshole.
"What's up?"

"Nothing. Just stay out of my way, faggot."
"Woah, what's wrong with you?"

"Nothing. Man, I got some fag lag left over from talking to Justin.
by JK6 October 25, 2010
 
3.
Faglag is the technological bandwith meltdown that happens when in the presence of a person of the homosexual persuation. Gaydars use this technology to locate gay people, or so they say.
My computer is running at dialup speed, it must be the Tyler's fag-lag slowing it down.
by A Fellow Gay May 30, 2007