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1.
the nice cuts men have on their bodies directing you to their goods. better know as obliques. They are called fag handles because it gives gay men something to hang on the while they are pitching. Hag handles are one of the most attractive things on a man's body to women.
Chelsea: So Andrew posted pics on his myspace and he totally has fag handles.

Laura: OH MY GOD *faints*
by Lawruh March 04, 2008
 
2.
1. the loop found on carpenter style pants, more specifically when found on carpenter shorts.

2. a penis
"What do you got there on your pants? Fag Handle! Fag Handle!"

"He just walked right up to him and grabbed him by the fag handle."
by ATMJess May 27, 2007