Gay

1. Happy. The original meaning of the word.
2. Homosexual. A more recent meaning of the word.
3. Bad or lame. The newest meaning of the word. This usage has nothing to do with homosexuality, but is instead an ironic use of the 'happy' definition. A bit like when people say "wicked" or "sick" when talking about something good.

1. "We'll have a gay old time."
2. "He is a gay man because he fancies men."
3. "That fairground ride was pretty gay."

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