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.
I'm coming out of the closet; I am gay, I have had gay sex numerous times, and I am moving to Massachusetts with my boyfriend to gave a gay marriage. No homo.
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.