Gay Out Of Necessity. A person who is so off-putting or unattractive, they can't ever gain traction romantically with the opposite sex. So they turn to members of their own sex to get affection.
Dude 1: "Bro, did you hear Nick say that he's bisexual?"
Dude 2: "Yeah, but we all know he's just saying that because he's a G.O.O.N. and doesn't want to admit he can't get the ladies."
A nice way of of phonetically saying "AF" or "as fuck".
Guy 1: Bro, I swear your mom was giving me "the look" last night.
Guy 2: Shut up, Steve. You're stupid, Air Force.