An old slander name for Gamecube, commonly used by PSTools/Sony Ponies (Sony Fanboys), Xbots, and maybe PC Elitists. Like Gaystation and Gayboy, it's no longer used since more people "respect" LBGT people + are softer than before + Gamecube has been discontinued for long.
2. A haircut which screams out 'homosexual' from a mile away. The person in possession of the gaycut need not be homosexual themselves, although it does increase the probability an individual is gay (or LGBT) by a factor of 1 Kinsey rating. Straight people adopting the gaycut have been known to cause confusion amongst queerfolk who try to become better acquainted with them, only to find that out they're not as gay as their gaycuts.
Person A: I just asked that cutie with the assymetrical mohawk if she wanted to hang out later, and she was like, "Woah, sorry, I like you, but no homo".
Person B: You're kidding, I can't believe you found yet another straight girl masquerading under a gaycut. We seriously need to call Judith Butler and sort this shit out.
A degradatory and inaccurate definition of the Gamecube. Most commonly used by fanboys. Another reason this loosedefinition makes no sense is because it is impossible for an inanimate object to have a sexual preference.
Xbox fanboy: I hug my Xbox! It's much better than that Gaycube! It's gay, that's why I hate it!