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It means that your nose is free of congestion and therefore gay (happy)

nose + gay (happy) = happy nose
After taking a decongestant, Tom blew his nose and all the snot came out, clearing up his nostrils and sinuses. Tom was therefore nosegay.
Related Words
When someone has their right nostril pierced to indicate that they are gay instead of the "straight" left nostril.
Look at that guy over there with his right nostril pierced - he is definitely nosegay.
nosegay by Buzz Killington II September 4, 2009
Another word for saying ur not gay or another word for NO HOMO
I love u bro, nosegay!
Nosegay by Hardwood Jesus March 17, 2020

nosegasm 

the intense, satisfying feeling you get after you blow your nose and all the mucus in your nose comes out in one shot allowing you to breathe like you've never breathed before.
"Ooohhhh God! That was amazing! OHHHH that nosegasm was incredible. I can finally breathe again!"
nosegasm by psyche925 April 7, 2010

nosegasm 

A slang term for a sneeze.
Right as his sister walked in he nosegasmed all over his keyboard.
nosegasm by Crab Battle January 18, 2008

nosegasm 

the ultimate sneeze usually accompanied by an overload of mucus
dude that felt great! sorry about your shirt.
nosegasm by the patient May 22, 2004