Coined by Mark of FuzzySneaker.com on December 17, 2006.
Mark: Yo...Pete...put away the fag flags.
2. The traditional rainbow-colored flag representative of the gay/lesbian/bisexual/transgendered community.
Guy #2: "Totally, he was just radiating gayness."
(2) Dave: "Oh yeah, let's go there, there's a Fag Flag in the window, I bet we can meet hotties there!"