A derogatory term for one of gay, lesbian, bisexual or transgender denomination; derivation of GLBT (GLoBbiT).
Bartender: Sorry, guys, there's four of you but only one stool. Guess you'll have to go someplace el-
Homosexual 1: Let's flip for it!
Homosexual 2: No, let's flip it over!
Homosexual 3 & 4: Yay!
Bartender: Get out, globbits! You're barred!