Insult: A fag wallet is typically used to describe a straight person acting gay or adorning fashion item's typically thought of as gay or homosexual
guy 1 "nice emo pants fag wallet"

guy 2 "theyre not emo they're cool"
by Jordan a from canada February 27, 2008
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(adj.) Someone who sucks up to anyone they percieve to have a large amount of money.
Todd is such a wallet fag. Ever since he found out about Steve's trust fund he keeps calling him to hang out.
by appleb July 19, 2011
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