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To love something entirely. To love something as though it where a falic object and you were to take it so far down you would gag. Can be used with sarcastic undertones actually meaning that you totally despise something or someone.
SCENARIO 1
Person 1: Wow, Bay St Pizza is SO good.
Person 2: yeah, you gag-for-it

SCENARIO 2
Person 1: Dude....this movie sucks
Person 2: Cmon man, you gag-for-it

SCENARIO 3
Person 1: Oh man, I gag-for Jessica Alba
Person 2: I gag-for hot girls regardless
by Simon a.k.a Wogdog March 12, 2006
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