gay

1. Happy, joyful etc.
2. A homosexual person
3. Something/someone you find annoying and/or stupid

1. "Lets go to the pub, we'll have a gay old time."
2. Guy 1: "Hey sexy, wanna go have some fun?" Guy 2: "Thanks for the compliment, but I'm not gay."
3. Guy 1: "Stop using the word gay as an insult, it is so immature." Guy 2: "Stop being so fucking gay and shut up."

faggot

1. A bundle of sticks
2. A cigarette
3. Derogatory term used towards homosexuals
4. Someone you find extremely annoying

1. "Take these fags and shove 'em up your ass."
2. "Can you lend me a fag, I'm all out."
3. "Look at those dirty fags parading around."
4. Woman 1: "I'm a vegan, feminist and I own a Harley. I also think that global warming is a lie and that the earth is flat and the government is lying to us about these things to keep us in check. Also, muh wage gap ;_;" Woman 2: "Jesus tapdancing Christ you are such a flaming faggot. Get the hell away from me, your stupidity might be contagious."