The term describes rainbow belt candy and was coined by the guys from the Epic Meal Time cooking show on YouTube. The term is most often yelled loudly, and only rarely used not in repetition.
"GAY BACON STRIPS!

GAY BACON STRIPS!

GAY BACON STRIPS!

GAY BACON STRIPS!
GAY BACON STRIPS!"
by nt22 July 3, 2011
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Homosexual strips of pig flesh, Often made of rainbow-striped candy.

Coined by YouTube sensation Epic Meal Time.
Fucking Idiot: What's on your candy burger?

Me: Gay Bacon Strips you fucking idiot
by assviolator69 June 3, 2011
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Those rainbow sour candy strips, they are very good on candy BBQ's
Gay bacon strips! Gay bacon strips!

You should add some moar gay bacon strips to that!
by Raynesta May 22, 2011
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