"Cakeboy" is a term I first came across in Clueless. In this case, it is used to announce that the man is homosexual, and while some would describe it as hateful, I happen to think it is a rather nice word, and hope that someday it will be used by the general public to promote homosexuality. Rarer still is my creation "cakegirl" (not yet in circulation) which means "lesbian".
Released as the B-side to 1992's "baby got back"
"Cakeboy" describes a fellow that will "take your girlfriend from ya" while at the same time "makin' your homeboys wonder"
A cakeboy is the sensitive sort of male that a dacade later would be known as a metrosexual that prefers "cappuchino latte", "drives a yellow camaro and may well "move to the old disco groove" though it may look "like a Chubby Checkernightmare".
"Get an around the way girl, and keep on bailin'
And if you're stuck with one of them stuck up ducks/
Huh, don't press your luck/
'Cause she'll leave you for what she enjoys/
It ain't a man, it's a straight up cakeboy!"
In my neck of the woods, cakeboy was always used as a term referring to a male who spent wayyy too much time on his hair, regardless of whether he was gay or not. Also refers to men who use excessive amounts of hair product.