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1.
Homoeroticism Yay!
1-Homoerotic subtext in film, books or movies. Usually followed by a feeling of glee in the viewer. Can also relate to homoerotic films in general.
There is a lot of HoYay in the film The Talented Mr. Ripley.

Ewan McGregor is the king of Hoyay.
by 6th June 14, 2003
 
2.
Noun, abbreviated from 'Homoeroticism, Yay!' The phrase originated from the television programme 'Buffy the Vampire Slayer,' and is used most commonly in various internet fandoms. It can also be an exclamation of glee.

The word is used to describe a homoerotic or homoromantic subtext between two characters, generally on a television show. Where one sees HoYay is, of course, extremely subjective, though in some cases it can be canon, not just subtext, as in the episode of 'Angel' wherein Spike says 'Angel and I were never intimate... apart from that one time.'
'Did you see "House" last night? The HoYay was palpable!'

'Those two totally bring the HoYay.'

'Ahh! HoYay!'
by Culumacilinte October 10, 2007
 
3.
HoYay! is an abbreviation for 'homoeroticism yay!' - which is why it often retains an exclamation mark. Refers to subtext between two (usually heterosexually identified) characters. Its first major use was in the Smallville fandom, referring particularly to the Clark/Lex sexual subtext.
"From last nights episode I think the directors are seeing the HoYay! goodness in the show too!"
by Kazzi August 14, 2004
 
4.
implicit homosexual tension, esp. between two supposedly heterosexual people
Did anyone else sense the HoYay! between Grace and Karen on last night's "Will and Grace"?
by actinium May 08, 2003
 
5.
Homoerotic vibes between two supposedly heterosexual men.
OMG are you feeling the HoYay! love between Ian Thorpe and Pieter van den Hoogenband? They are so slashy.
by M March 18, 2005
 
6.
Short for "homosexual yay". When two males act like they like each other, but aren't in actuality, gay. They usually blush around each other, and apologize for no reason a lot.
The female version of Ho Yay is Les Yay.
Joe: H-Hi, Tom. *blush*
Tom: Um, what's up...Joe? *blush*
Guy 1: Look at those two guys. There's some Ho Yay goin' on between them.
by liek_like April 17, 2010