Phi Alpha Gamma Share definition Flag ΦΑΓ - Greek letters that spell out the word fag. ΦΑΓ - A fraternity for gay people. Jim: I heard that Phi Alpha Gamma is loaded with ass-spanking fun. Dave: It is if you are gay. Phi Alpha Gamma by Kegged January 14, 2009 0 0 Get merch Get the Phi Alpha Gamma mug. Buy Now — $32.95 See more merch