1. A Street Fag is someone who is completely out of the closet. In fact, they are so far out of the closet, they have made it into the street and everyone knows they are gay.
2. This term can also be used very loosely. You could replace the word "street" with almost any word to come up with your own unique twist on who or what is gay.
1. Look at that Street Fag, he has own flaming purple pants and a fishnet shirt. I feel sorry for his asshole.
2. This dude is always reading, what a Book Fag, or that dude will never get laid, he is such a Videogame Fag!