1.) A phrase that you say after a potentially gay sentence or act and get away with it without actually being considered a homosexual.
2) A phrase to cover up your gay side after a gay sentence or act because you ARE actually a homo but you're not out of the closet yet.
1) "Stay on my ass. No Homo."
2) "Yeah, Paul and I also like to get oiled up and wrestle each other naked for 30 minutes and then take a long hot bath together listening to Celine Dion. No homo."