A midget-nigger-faggot. Can be used either as one of the most offensive terms for another human (based upon the social gravity and stigmas regarding each respective word) or simply a description of a vertically challenged, homosexual of African descent.
"That naglet just broke my nose!"
"There's a naglet who does my nails at my salon in the Bronx that is just tall enough to reach over the counter."
What is produced when two nagging people (naggers) have a child.
Both of my parents are nags, so that makes me a naglet.