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1.
Relating to homosexuality, or gayness.
Rodrigo: OMG! Don't forget to wear an ugly sweater to my Christmas Party! By the way, don't tell anyone, but I bought these really cute men's UGGs for Ray's secret santa gift! BTW if you get here early, we're having mimosas!

Bypasser: Oh my! What gaiety!
by mdogskrilla February 18, 2014
 
2.
acting in a homosexual or gay manner; the state of being gay
I can't watch this TV show any longer, for there is too much gaiety.
by John Myers January 29, 2006