It's a word to insult the white supremacy group known as the KKK (Ku Klux Klan) for their idiotic mindsets that spread hatred and division within their communites and all around the country. The word Gay used 3 times, but it is not as an insult towards LGBT Community. It's a way of putting someone down who deserves it. This means that even the LGBT Community can obviously insult the KKK as well since they don't spread hatred like the KKK does. They're so lame, and using a silly sense of humor and rhyming we've come up with the name Gay Gay Gay for them.
Amir: Look at those idiots over there dressed in white bed sheets, with holes holes cut out where their eyes are so they can see, looking like the ghosts they truly are because nobody's listening to their speeches.
Fat Albert: You know, I ain't got much to say say say, besides hey hey hey, those guys in the KKK, are insanely Gay Gay Gay!