Fag (fӑg) n.
1. An extremely annoying, inconsiderate person most commonly associated with Harley riders.
2. A person who owns or frequently rides a Harley.

Fag is an acronym for the term "Freaky Alien Genotype" as popularized by the group "Team Four Star". F.A.G is meant to describe aliens who's somewhat affemanent appearance makes them androgynous enough to question their sexuality.

Someone that tries too hard to be something they're not.

1) Originally referred only to a homosexual male; now it is a generic term of contempt, roughly equivalent to, "I'm a better man than you are and, on a side note, you look somewhat effeminate!"
2) Also a general term of endearment between bros

Interchangeable with faggot

another name for someone who uses a banshee in halo

any person who plays call of duty and makes a video of them commentating on it.

A known-to-be heterosexual male who has just performed an action one would consider to be homoerotic in nature, usually for the sake of comedy. So, in the moments following said action, it is perfectly ok to call this person a "fag".

It is not ok to use the word "fag" in reference to an actual homosexual, as it is not only quite rude but also an incorrect use of the word.