As of late, the word has humorously evolved to counter a statement that has even the slightest tinge of homosexuality to it.
"...commanding the dirty funked up wah-wah guitar, lush arrangements, heartstopping strings, wailing double-tracked backing vocals and trippy backwards fx to do backflips and weave their way in and out of macked-out horns and throbbing bass grooves (no homo!) while crisp snares and reverberating bongos underline the whole experience."
And even funnier (to me):
"A quick search on froogle (no homo) pulls up 160 Gigs of external harddrive (again, no homo) for as cheap as $106."
2. "i kinda want you to notice the gayness of something i've just said that would have otherwise gone completely unnoticed"
2. "just a second, i'm coming; no homo"
used after a phrase that sounds ambigously gay or 'homo', so that your friends won't call you a 'homo'
'yo homie, i just spent five hours talking with my man on the phone, no homo' - random dude