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3.
Refers to a male who is perceived to be gay or homosexual. Specifically a man that has fashion sense, and a cheerful disposition. Loafers refers to shoes. It is implied that the individual is about to fly away like a fairy.
That guy is light in the loafers.
by IrateLiberal December 28, 2011
 
1.
To be homosexual
Jimmy is a little light in the loafers if you know what I mean.
by Mattricio January 02, 2003
 
2.
Refers to the way some effeminate men walk.
As Maurice sashayed across the room, Celeste noticed he was light in the loafers.
by Crystal Gazer April 17, 2010
 
4.
Implies homosexuality and gayness.

Why it means this:
1. If you are light in the loafers, you are said to be missing the vital male reproductive organs and therefore you are light in your loafers (shoes).
2. A myth says that homosexuals tend to where lighter colored loafers instead of darker colored loafers.
Winston, you're looking pretty light in the loafers today...I would even say that you're nearly levitating.
by Swib May 07, 2007