This word is one that has been missing from universal lexicon for far too long. A word that has a place and yet doesn't! When insulting a slutty gay friend you cant call him a slut, that’s synonymous with being gay, and so the same for being a whore, these terms fall on def ears. A homigolo is a word that incorporates the best of both incendiary terms, homo and gigolo. Use it for both gay and straight friends to illicit appropriate response.
Your presumably straight pledge brother shows up poolside at your Pensacola weekend formal in a black leather banana hammock. You look on in disgust... you cant take it anymore you gasp "What the hell is that thing, you banana hammock wielding, pipe smoking, fudge packing homigolo. That shit's gay as AIDs!"