Noun, abbreviated from 'Homoeroticism, Yay!' The phrase originated from the television programme 'Buffy the Vampire Slayer,' and is used most commonly in various internet fandoms. It can also be an exclamation of glee.
The word is used to describe a homoerotic or homoromantic subtext between two characters, generally on a television show. Where one sees HoYay is, of course, extremely subjective, though in some cases it can be canon, not just subtext, as in the episode of 'Angel' wherein Spike says 'Angel and I were never intimate... apart from that one time.'
'Did you see "House" last night? The HoYay was palpable!'
'Those two totally bring the HoYay.'
1-Homoerotic subtext in film, books or movies. Usually followed by a feeling of glee in the viewer. Can also relate to homoerotic films in general.
There is a lot of HoYay in the film The Talented Mr. Ripley.
Ewan McGregor is the king of Hoyay.