A gayme is literally just a game that's gay.
Some would use it to insult people, but others use it to describe the game.
INSULT:
John: Oh my god, Paul. You're so gay. No wonder you always play this gayme.
~~~
ADJECTIVE:
Paul: Game? More like gayme.
17👍 8👎
A game played by only the best game cube players. You can only find it in the very backs of your closet if you're the chosen one. It's only played by people in a secret society called "Super Mega Gaeymers".
It's mostly full of people on Urban Dictionary.
John: Have you seen my new game cube game?
Paul: Nah man. What is it?
John: It's called Gaeymey.