A combination of the words slut and fagot, used to insult the promiscuity of a homosexual that quote unquote "gets around"
aka a slutty fagot
A TV show (that shall remain nameless) in witch two family trade their wives helped to make the word popular.
A combination of the words "slut" and "faggot" An insult used to call someone a "slutty faggot" with the use of one powerhouse of a word.
Made popular after its use in the TV series trading spouses "Shes not a Christian! Gargoyle's! Slaggot!!!
or
"Hey faggot you need to watch how slutty you act your one bj away from slaggot vill"
No! Cedric. I said no! Your gonna have to ram your turgid-love-rocket up my puckered rosebud right here and now!I ain't doin'it outdoors and that's final!