A form of gender play in which an individual dresses and applies makeup to exaggerate certain features. They may then display their work through "shows" in which they dance, lip-synch or or sing with their real voice (usually reserved for the more talented). Those involved are sometimes called female or male "impersonators", but usually drag queens or drag kings. Either gender may "impersonate" the other, or choose to impersonate a satired hyperbole of one's own (ie there are female drag queens). Most often, drag is a form of entertainment, and is considered by some to be an art form.
Person number one: "Oh, look, a female impersonator."
Person number two: "Drag is hardly impersonation. When was the last time you saw a female wearing that many sequains with that much hair and makeup?"