A GG is a short term that stands for GhettoGuy or Ghetto Girl. Usually referring to a Ghetto girl. This is a fairly new term that originated just 3 or 4 years ago. The great thing about it, is that you can use it and the GG in question has absolutely no idea what you're talking about! They never catch on to it.
Sarah: Omg Tina look at those GG's dancing over there!!
Tina: LMFAO! omg. why would they do that..in public..?
Sarah: It's a GG thing. we'll never understand.
GG #1: OOOOO GURRRRL! YOU NEEDA BACK UP OFF MAH MAN FO' IT GETS UGLY UP IN HURRRRRR.
GG #2: WHY YOU SAYING I NEEDA BACK UP WHEN HE DONT EVEN WANT CHU NO MO?!
A phrase used mostly in online games that means "Gay Game". It also means "Good Game". "Gay Game" is usually used when your team losses the game to counter-attack with "Good Game".