Retarded word used when something goes wrong or something stupid happens.
It is not strictly related to the word gay.
Often preceded by the word molto, which is Italian for 'much'.
Example 1:
Person 1: *Jumps an obstacle and falls*
Person 2: "Ahah molto ghei"
Example 2:
Guy: *asks a girl out*
Girl : *rejects him*
Guy: " oh ghei" ( said in a sad voice )