Also know as the the raindow flag, often used by homosexuals.
In action: *Homosexual waves rainbow flag*
Homophobe: Quit waving your fag flag!
The rainbow gay pride flag
Alex: "Did you see the fagflag on that house back there?"
Taylor: "Yeah, it was so pretty"
A scarf worn by an otherwise straight man that makes him look gay.
That dude is wearing a fag flag!
Any indicator of faggotry, aka homosexuality, a play on the phrase 'red flag,' and used similarly.
That dude was going on and on about Brad Pitt and Angelina Jolie, serious fag flag right there.
When someone waves their hands (the "flags") by rotating about their wrists while talking, which makes them seem gay.
Coined by Mark of FuzzySneaker.com on December 17, 2006.
Peter: (while waving his hands about his wrists a bit too much) So I was concerned about how well I was doing in the class, so I went up to the professor afterwards...
Mark: Yo...Pete...put away the fag flags.
1. The mental warning (red flag) you get when detecting a homosexual vibe upon first meeting someone
2. The traditional rainbow-colored flag representative of the gay/lesbian/bisexual/transgendered community.
(1) Guy #1:"Dude, when I first met Dave, I saw an immediate Fag Flag."
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!"
the rainbow or anything that has to do with the rainbow
Joe carries the Fag Flag. a.k.a. Joe is GAY.