gay as a handbag full of rainbows Share definition Flag Someone that far too heavily advertises the fact they are homosexual. Overly flamboyant. "I love that guy. He's as gay as a handbag full of rainbows." gay as a handbag full of rainbows by Alex_2525 June 30, 2006 0 0 Get merch Get the gay as a handbag full of rainbows mug. Buy Now — $32.95 See more merch