A derogatory term for homosexual men.

In the opinion of a HomoPhobe “Another delightful name for those sick bastards who decide to have sexual relations with persons of same (or similar) gender.”

Also a slang term for cigarettes in the UK.

This leads to some confusion in America, “I’m going outside to smoke a fag” doesn’t mean you’re going to fill your lungs with tar and nicotine, but than you are going to shoot a man of the homosexual variety.

Actually it leads to many amusing misinterpretations in the US. Such as…
“I’m going for a fag.” Means you’ve given up women and their staunch opposal to your advances and have decided to become gay. Spectre will probably be confronted with this option sooner or later.
“Could I bum a fag?” Is an introspective question on whether or not you really could, when it came down to it, partake in the buggery of FliPPy .
“How many fags have you had today?” Is a question leading to the boasting of the former in the bet that he is an even more flaming queen than you could ever hope to be.
“Let’s go have deviant gay sex with another man.” Means “I think there might be something wrong with my transmission. The car leaks fluids and makes horrible noises when shifting gears. I find this troubling. To ease my mind off this topic, let’s make like the English and pervert ourselves on the carnal delights of other men.”