Alternate spelling of the word "gay". Ghey does not refer to a person or situation in a sexual way, it meerly states a distaste for a certain situation or person.
Frank "I lost my phone today"
Brad "Oh, that is so ghey"
Collene "Last night's homework was so tough I cant believe Mrs. Connors expected us to get it all done in one night!"
Jessica "I know. How ghey was that?"