When a certain thing or person acts in a gay fashion (slang: Stupid; Idiotic, Jose), this phrase can take the place of one such as "You are a gay fag."
If I said "You are a gay person," "If _____ was a boy it would like other boys," could be substituted instead. For example "If Pikachu were a boy it would like other boy Pikachus."
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).