Etymology
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Words related to gay

gaiety (n.)
"cheerfulness, mirth," 1630s, from French gaieté (Old French gaiete, 12c.), from gai "gay" (see gay). In the 1890s, in Britain, especially with reference to a London theater of that name, and the kind of musical shows and dancing girls it presented.
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gaily (adj.)
also gayly, "with mirth and frolic," late 14c., from Middle English gai (see gay) + -ly (2). "The spelling gaily is the more common, and is supported by the only existing analogy, that of daily" [OED].
gaydar (n.)
by 1996, in gay literature, from gay + radar.
gey (adj.)
a Scottish variant of gay (compare gray/grey), used 18c.-19c. also with the Scottish sense of "considerable, pretty much, considerably."
nosegay (n.)

"bunch of flowers used to delight the sense of smell," late 15c., from nose (n.) + gay in an obsolete noun sense of "gay or bright thing."

punk (n.2)

"worthless person" (especially a young hoodlum or petty criminal), 1917, probably from punk kid "criminal's apprentice," U.S. underworld slang attested by 1904 (with overtones of "catamite"). Ultimately from punk (adj.) "inferior, bad" (q.v.), or else from punk "prostitute, harlot, strumpet," attested by 1590s, of unknown origin. Related: Punkling. For the possible sense shift from "harlot" to "homosexual," compare the possibility in gay.

By 1923 used generally for "young boy, inexperienced person" (originally in show business, as in punk day, circus slang from 1930, "day when children are admitted free"). The verb meaning "to back out of" is by 1920.

The "young criminal" sense no doubt is the inspiration in punk rock — loud, fast, aggressive, and outrageous — which is attested by 1971 (in a Dave Marsh article in Creem, referring to Rudi "Question Mark" Martinez); widely popularized in 1976.

If you looked different, people tried to intimidate you all the time. It was the same kind of crap you had to put up with as a hippie, when people started growing long hair. Only now it was the guys with the long hair yelling at you. You think they would have learned something. I had this extreme parrot red hair and I got hassled so much I carried a sign that said "FUCK YOU ASSHOLE." I got so tired of yelling it, I would just hold up the sign. [Bobby Startup, Philadelphia punk DJ, Philadelphia Weekly, Oct. 10, 2001]