A word generally used by future grocery baggers to connote somebody having an unusual sexual preference. Usually not used when talking about sexual preference.
Kid with hopes: I'm going to college Future grocery bagger: Homo.
Refering to some one who is homosexual, usually male but not always. Short for homosexual, it is often used as a homophobic slur, and sometimes not even used to refer to a homosexual person.
Kid1: Man, Elton John is one homo, eh?
Kid2: You're a fucking homo, dude.
Kid1: How am I a homo, I fucked your mum and your girlfriend last night.
Kid2: So, you and Elton John are still homo, homo together Homo's.
A derogatory term used against homosexuals by insecure and often insigificant heterosexuals. More often than not, people who use the word "homo" in this sense are people the gay population wouldn't want to fuck anyway.