2. A phrase used in the above context, so that one can say something very gay about someone but still technically remain straight. Acts as a loophole for people to say really, really gay things that otherwise would just not be socially acceptable. People might still look at you weird though.
Damn, son, that shirt looks good on you bro. No homo.
No homo, but you're a good looking guy.
Man, I bet you're crazy in bed, no homo.
I want to suck your fucking dick in my mouth until you're about to cum, and then let you jizz all over my face. No homo.
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