I tend to go 'not half as gay as you are, gaylord'.
Honestly, at my school it was used all the time, despite none of us having a clue what it really meant, and really being too young to understand even if it was explained to us with diagrams. If you got throught a school day without being called gay, bender, poof, fairy, gaylord, and bum bandit...twice, then you obviously went home early.
All 'gay' meant was you'd got something wrong, or wouldn't share your crisps, or you'd let a goal in at lunch break, and I genuinely don't believe any of the kids at my school grew up to be homophobic because of it.
I absolutely don't care who people want to fuck, so long as the target wants it. This applies to everyone btw, newspapers and magazines take note.
I should say I only use 'gay' in the context of this thread with people I've known since school however, the same way I'd call them a joey or a spaz, it's just school memories and between them and me, it's hurting no-one.
Of course, if you don't agree with me, that's fine, just means you're a bummer.