1) Originally referred only to a homosexual male; now it is a generic term of contempt, roughly equivalent to, "I'm a better man than you are and, on a side note, you look somewhat effeminate!"
2) Also a general term of endearment between bros
Interchangeable with faggot
1) (impatiently in a crowd) "Get out of my way, fag!"
2) (as friend shows up at bar for brewskis: "Yo, fag! Over here!"
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