Noun. pronounced fahg-szhay. When someone or something is so utterly weak, or being such a wuss that you have to add fag and gay together and pronounce it like a frenchman just to describe them.
You're not coming out tonight because your girlfriend is making you go to a bridal shower tomorrow? That is fagay. Make sure you get your balls out of her purse in time to watch the superbowl. What? You can't because you are going to Bed, Bath, and Beyond?
FAGAY dude, FAGAY.