Twaggot is a mix between faggot and twink. It is typically used to describe a very very gay and most times very annoying person. It can be used in a derogatory way, or playful. It can also be shortened to twag or twaggy.
Penned by Blognigger, a twaggot is a smug, self-congratulatory twitter user who obsessively uses the site to attempt to make witticisms and get closer to genuinely witty people they can vaguely namedrop in conversation. Unfortunately a twaggot can do neither successfully, so their foray into hip media outlets soon comes to a close when they realise they are not interesting or funny.
"@stephenfry This is wonderful!! Warmest greetings from the PPR! After your sojourn you should join us for a picnic...We'll walk on custard!" - Now THAT is a twaggot