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1. fag rag
A pornographic magazine featuring content oriented towards homosexual males.
Get me some porn; get me something really nasty too; I don't want any of that airbrush shit. Get yourself a little treat too; get yourself a fag rag.

-Little Miss Sunshine
2. fag rag
a newspaper focusing on gay issues
the village voice is the only mainstream fag rag- i can't even count the pics of chicks with dicks in there
by mung Apr 25, 2003 add a video
3. fag rag
A handkerchief or bandana being worn as a part of the Hanky Code
I got dressed up for the bar, carefully tucking a red fag rag into my back pocket.
4. Fag Rag
That time of the month when you notice that your gay friend is really bitchy, for no reason. The homosexual equivalent to the period, or "rag"
" Oh shit! Looks like Kiki's on his fag rag this week, better go get him a manpon.
5. fag rag
the male homosexual version of a tampon, used to soak up excess blood from assholes usually most commonly used by people new to ass sex or those who like it ruff and dry.
Anthony:I haven't changed my fag rag for days it crusted into my asshole, anyone want to try and break it free?
6. Fag Rag
A rag used to clean sperm after any kind of sexual contact of the penis. Usually used to identify people from assholes, rude, annoying, or stupid.
Guy1: "Dude! Did you see that fag rag!"
Guy2: "Yeah! He's so annoying!!"
7. fag rag
The rag or towel used after male intercouse in order to wipe the lube in and around the anus.
Mr. Sisneros helped kyle clean his anus with the fag rag
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