1) Being in a state of extreme homosexual flamboyance.
2) Being in the presence of a large numberhomosexual persons.
Guy 1: Hey dude, have you been to Club Med Gym recently?
Guy 2: No way man, last time I went it there it was like fag factor five, there was so much flouncing I had to leave.
or
Guy 1: What is that guy in the leather trousers doing?
Guy 2: OMG he just squeezed that dude's ass
Guy 1: I think we've just reached fag factor five in here
While our lifespan is the number of years we will live, our healthspan is the number of healthy years we will have and our sexspan is is the number of years we will continue to be healthy enough to continue having an active sex life.
A lighthearted reaction upon receiving disappointing news of some sort. Usually something that isn't a particularly a big deal, esp. when it primarily affects someone else - sort of a mild schadenfreude. Sometimes doubled or tripled, and possibly said in a sing-songy voice for added comedic effect to imitate a muted trumpet, which is how the meme originated.