1. A phrase said after saying something that could be interpreted as homosexual to someone of the same gender as the speaker.

2. A phrase used in the above context, so that one can say something very gay about someone but still technically remain straight. Acts as a loophole for people to say really, really gay things that otherwise would just not be socially acceptable. People might still look at you weird though.

when you got that sauce that's lookin extra fire.

Definitely homo.

means your not gay

Usually said after a statement that could be interpreted as homosexual.

Phrase used after one inadvertently says something that sounds gay.

The legendary phrase that clarifies your sexuality, and that you are not of the homosexual gender. Even after saying something very homosexual, a simple "no homo" is all that it takes to make everyone believe that you are not in fact a homosexual.