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1.
A contraction of the words "gay" and "flip-flops" meaning flip-flops worn by men.
Ew, his feet are so white, that man should not wear gayflops.
by veronicalovin July 25, 2009
 
2.
A flip-flop that has any sort of rainbow/girly image on it in the men's apparel area of a store.
Dude,look at chuck's new Gay-Flops!