Used to denote something that is A-Okay. Especially in reference to the homosexuals.
Phil: Hey Mike, would you enjoy sucking my penis?
Mike: That's Gay-Okay with me Phil. :)

John: Wanna come over tonight Bob?
Bob: Gay-Okayy ;)
by hotflake94 February 7, 2013
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Something you say when someone does something negative for no apparent reason
Classmate: *steals pencil case*
You: “okay gay
by Tateryboi September 24, 2019
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