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1. A hat of a gay nature in the sense that it is either happy and carefree, ridiculous and stupid, or swings the other way (more than likely a mixture of these three).

2. A hat to be worn by gays ONLY ie people of a homosexual orientation. No exeptions: heterosexuals, bi-sexuals, gay/bi-curious people cannot wear a gay hat. Under penalty of death if this rule is violated. Yes, death.
a) "Oh my, you have such a gay hat!"

b) "Have you seen my gay hat? I need it for the seminar, woman!"
by Zelda199 January 15, 2007
This word is more of an exclamation. Used when something is not to your liking or is displeasing or unfair in some way.
"I got like 10 hours of homework tonight"
"Unlucky dude, thats gayhats!"
by Spinnact January 25, 2006