When someone waves their hands (the "flags") by rotating about their wrists while talking, which makes them seem gay.
Coined by Mark of FuzzySneaker.com on December 17, 2006.
Peter: (while waving his hands about his wrists a bit too much) So I was concerned about how well I was doing in the class, so I went up to the professor afterwards...
Mark: Yo...Pete...put away the fag flags.
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