An adjective to describe someone who displays extreme homosexual behaviour to the extent that the word 'batty' is not sufficient enough to describe them.
When you're so down bad that you need an extension of the phrase to define just exactly how down bad you are. This version of down bad doesn't always have to be applied sexually. It could mean you're down bad for a delightful date, or you're just doing shitty in life overall.
In other words, you're either doomed or desperate as hell.