When a homosexual is set on having relations/a relationship with their straight friend; assuming that they will eventually reciprocate their feelings. It is, essentially, gay layaway.
Felicia: Why don’t you let go of Micheal and find someone that will love you?
James: Girl, bye. I got him on gayaway. He’ll be mine soon.
A play on the word layaway. Refering to the popular yet misguided assumption that bisexual people are "confused" and only come out as bisexual as part of a process that leads to them eventually coming out as gay. Often derogatory or offensive.
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.