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1) Means okay, but in a sarcastic manner

2) Oh! Gay! as in oh thats gay
weird flex but... ogay
If someone asked you a question and the answer is yes and you want to assert the fact that they are a bender.
"can i borrow your mum's knicker's tonight?"
"ogay, bob"
ogay by cian February 26, 2003
The LGBT way of saying "Okay" to a person.
Ogay mom, I'll take out the dogs.
Ogay by The_Pythoneer May 31, 2018
Response to a stupid and excessive comment. Literally the best answer to anything.
Eg 1:

Joe: OMFG My dad just got testicular cancer!!!
Donald: Uhhhhhhh Ogay

Eg 2:
Tim: Stop sucking the lollipop of mediocrity
Kevin: Bruh ogay

Eg 3:
Girl: ily so much will you be my boyfriend!?!
Boy: Ogay
Ogay by Gayvin Gu November 26, 2021
The acceptance of a situation — especially in a homosexual context.

i.e., all of the homo
“You down for hotdogs for lunch today?”
“ogay.”
Ogay by Riley’s bitch November 21, 2018
a way to answer some one who is asking a question that is obviously stupid or uncool.
Allen: hey Andrew wanna watch ice dancing?
Andrew: ogay
ogay by ANG-MSU December 14, 2006