Someone who exudes homosexuality to such a degree, to simply designate them a "faggot" would be insulting to everyone in the faggot community worldwide.
Cover your buttox when you see them approach.
It has obvious roots in the derogatory term for homosexuals, faggot; however, it is speculated that this word was created to be used in the same context as the traditional fag, without as much of the stigma that comes along with using such a discriminatory term.
"Cut it out, fagmo."
"Hey, fagmo, come over here."