Adj. describing the positive gay or almost gay aspects of a person or thing. Something defined as fagulous will have incredible style, quality, or pop cultural recognizability.
1. Anton: Sergei's cardigan looks killer today! Surely he must be gay!
Sydney: No, he's not gay; his sense of style is fagulous.
hetro/breeder retort to the over use of "fabulous" by members of the gay community.
"Bruce, my fine feathered gay friend, I think the way you've organized the polo shirts, spaced precisely two inches apart and hung on platsic, not wire hangers, in your closet is fagulous.