Fag definitely means in today's lingo an annoying inconsiderate person who is being a douche, more so associated with any person who rides a loud Harley Davidson motorcycle that disturbs the peace and quiet normal people are trying to enjoy because they want attention from everyone.
Jane: "muffled talk you can't understand"
William: "I could not understand what you said because of the fags that just went by on their loud annoying Harley motorcycles."
Jane: "Sorry Honey, I said dinner is ready."
William: "Damn those fags and there Harleys, Ok Hun."