A slang word, which is the contraction of two commonly known words, "Queer" and "Faggot." The word is not derogatory, but instead another slang word to describe anyone of homosexual tendencies. Such word is commonly used in context with close friends, and can/may be offensive to actual homosexuals.
"Justin, don't stand like that, it makes you look like a quegot."
Justin - "Hey, we should go to the mall to shop."
Jerimiah - "Eff that, don't be such a quegot."