A 'fag-hag' is a close, often homosexual friend who happens to be the opposite sex. One who has little to no chance of becoming sexually interested in you, largely due to orientation. This often allows for a platonic bond far closer and deeper than conventional friendships.
Useful if a person wishes to fool their parents about their orientation. The fag-hag will be introduced as their friends' boyfriend or girlfriend.
I heard person A telling person B that person C went and got themselves a fag-hag.
A fag hag is a woman who prefers the company of gay men.
A fag hag is a woman who prefers the company of gay men. The marriage of two derogatory terms, fag and hag, symbolizing the union of the world's most popular objects of scorn, homosexual and woman, creates a moniker that most of those who wear it find inoffensive, possibly because it smacks of solidarity.