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This is almost considered an insult to the character Gray Fox from the Metal Gear Series created by Hideo Kojima.
People who don't like Gray Fox or like Solid\Liquid\Naked Snake better than Gray Fox, insult the great soldier with this to humiliate people who like him.
Gray_Fox Fan: Dude, Gray fox is way better than Solid Snake!
Snake Fan: Yeah, in "Gay Fox's" dreams. What a loozer!
Gray_Fox Fan: Whaaa!!! *runs home crying*
by Naked Snake March 22, 2007
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