When a homosexual is really hot and it is a waste because they could have been straight.
Boy 1: God! that girl is sooooo hot! it's such a shame she is a lesbian.
Boy 2: yeah...what a gayste...
Taste that a gay person has. A portmanteau of gay and taste.
"Tavis looked fabulous at the party last night. He had on this slim-fit cotton shirt and powder blue seersucker pants."
"That queen's got gayste!"