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1. Used to express sexual attration or intent if used in the most explicit form.

2. More likly used as an exclimation of sorts ranging from displeasure to approval.

Originated from the Quagmire character on the TV show Family Guy. He uses the word in the first manner. As a note this word is hardly used along, instead it tends to repeat itself several (commonly two or three) times in a row.
Gigity by Xhelix March 12, 2005
Related Words

lip-ginity

When youve never kissed someone.
virginity of the lips
Mary: I lost my lip-ginity today.
Ann: With Mike?! EW
lip-ginity by Nanokein Valdron November 14, 2009
when dat hott chick bent over, i said gigity
gigity by sumguy8 June 22, 2010

gigity manz

you'll only know gigity manz by knowing. don't say anything about gigity manz. gigity
bro, you not gigity manz
gigity manz by googoo goonervich November 3, 2022

Mac-ginity 

The purity of never owning an apple product.
Aly: "Hey Chris, you should check out apple products and how amazing they are, I have all of them."

Chris:"No thanks Aly, I'd like to keep my Mac-ginity"
Mac-ginity by Steve Blowjobs March 3, 2011
Suffix added to the end of things being done for the first time.
"This is the first time I've ever killed an animal with my car. That rabbit took my roadkill-ginity."

"I just lost my paintball-ginity." (for playing / getting hit with a paintball for the first time)

"Lets get him to lose his riding-an-elephant-ginity!" (at a circus).