Stands for Rabid Anti-Gay Ignorant Tool, refers mostly to decent individuals whose lack of education allows them to be manipulated by people like Jerry Falwell into an angry homophobic froth. Used as a derogatory term by homosexuals for heterosexuals. Rhymes with faggot.
Person 1- John is starting to piss me off with all this gay bashing.
Person 2. He read Jerry Falwells, the little Ragit.