or used in context:
Joe: "You see that 300 lb fag wearing a thong over there holding hands with that other dude?"
Jeff: "Yeah that's totally fagnasty!"
Fagnasty can also be used as an insult for extra emphasis:
"Get the fuck out of my way you fagnasty faggot!"
T:Yeah I did.........
R:He totally gave me the Fagnasties