An addendum to a possibly homosexual-sounding statement. Working as a "Get Out of Jail Free" card, it allows the speaker to maintain his or her heterosexual reputation no matter how homosexual the previous or forthcoming statement.
Idiot Male 1: I find men attractive and I love to suck cock. I also like big black dick up my asshole.
Idiot Male 2: EEEEWWWWW.
Idiot Male 1: No homo.
Idiot Male 2: Oh, Okay.