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1.
Slang for an older bearded homosexual.
Bro #1: Who did you take for Chemistry this semester?

Bro #2: That old gay bastard, Gandalf the gay.
by Bulldog December 19, 2011
 
2.
A fucking retarded wizard from lotr. He is so very horny for Saruman the Many Colored. Play on words.
You're a fucking Gandalf the Gay.
by Popposs December 22, 2011