This word is a nicer way of saying f*ggot, since you can’t really say that word anymore. It’s short for flamboyant but flambo is quick and easy. It gets the job done without being offensive.
you’re not coming out tonight?! you’re such a flambo.
A flamboyant person who attracts attention by their confidence and stylishness.
Viktor is so flambo, all the girls were looking at him at the party.