Green’s Dictionary of Slang

fag n.4

also faggio
[abbr. faggot n.1 but note comments in ety. there]

1. [1920s+] (orig. US) a male homosexual; thus fag-bait, one who is an object of homosexual desire.

2. [1970s+] (US campus/teen) an offensive or unpopular person.

In derivatives

faggish (adj.)

[1950s] (US) homosexual in manner.

faglish (n.) [abbr. SE English]

[1980s+] (US gay) gay slang.

In compounds

fagamuffin (n.) [ragamuffin n.]

[1980s+] (US/UK black) a black homosexual person, usu. male.

fag-bagging (n.) [bag v. (2b)]

[1970s] (US) to beat up and rob a homosexual.

fag-basher (n.) [1980s+] (orig. US gay)

1. an ostensibly heterosexual man who specializes in beating and terrorizing gay men.

2. any anti-gay spokesperson.

fag-bashing (n.)

1. [1980s+] the beating up of male homosexuals.

2. in fig. use, any anti-gay behaviour or speech.

fag-hag

see separate entries.

fag rags (n.)

[1980s] (US black) smart casual clothing.

fag show (n.)

[1940s] (US carnival) a carnival show featuring men in women’s dress.

fag stag (n.) [stag n.4 (1); var. on fag-hag n.2 ]

[1990s+] (US) a heterosexual male who enjoys the company of homosexual men.

fag tag (n.)

[1980s+] (US campus) the small loop (ostensibly for hanging the shirt when no hanger is available) on the upper back of many shirts; such a loop, supposedly, can be used to hold a victim ready for buggery.

fag water (n.)

[1980s] (US) cologne.

In phrases

play the fag role (v.)

[2000s] (US prison) pretending sexual interest in another inmate; the aim is to annoy a third party.