Is It OK to Say, Oh, You're Gay?

In school, we used to say, oh, you're gay. And that used to be an insult, didn't it? Yeah, definitely. It even used to be a way of just saying something was shit. You'd say, now that's gay. Meaning that's rubbish or that's sad or that's not worth doing. As linguists, we could probably redefine the word and we could have multiple meanings for it because as you've just described, there are definitely at least two, one being crap, two being homosexual. Three, I'd say being a bit of a softy, not being bold and brave. Being a wimp,. There'd be loads of words