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A popular action which is when someone falls off a tall height and would attempt multiple 360s while doing so. Sometimes the song "Ballad of Gay Tony" will be played during this time.

This became popular when UberHaxorNova gay tonyed off a mountain in Tri-Mountain Survival.
Guy 1: Hey dude, did you see that dude fall off that cliff?
Guy 2: Hell yeah! He was gay tonying.
by MasterOfSpaghetti January 08, 2012