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1.
A playstation 3, it got its name because it sucks cock like a gay guy would.
Guy 1: Hey I'm gay
Guy 2: Good because I got you a Gaystation 3
Guy 1: Yea it sucks about as much as I do
by Coey Oliver March 01, 2008
 
2.
The more appropriate word for Sony's Playstation 3 or PS3. Even though the Gaystation 3 has blu-ray, it is still a lesser console to Microsoft's Xbox 360 and Nintendo's Wii. Even the Nintendo DS is a better handheld device than sony's PSP. Although the Gaystation 3 has internet capabilities, its online multiplayer and games are shitty and very dissapointing. The Xbox 360 is the best console on the market and the Playstation 3 users are just afraid to admit that because they are a load of pussys.
360 Kid 1: Hey everyone, wanna go play some Halo 3 Big Team after school today?
360 Kids: Yeah!
PS3 Kid: Sorry guys, i can't because i dont have an Xbox 360. But we can all play Call of Duty 4 on our PS3s.
360 Kids: Haha, whatafag! he dosn't have an xbox 360! He only has a Gaystation 3!
by True 360 Lover July 29, 2009