Adj. Another word for saying gay. While the definition of gay differs from person to person, in this case fag-like means lame. It can also be used to describe an action that would be typical for a homosexual.
-Dude, I got a C on my paper because I forgot to quote the title of the book.
-That's so fag-like. I can't believe the TA would do that.
-Hey man, do you think I should buy myself a pink scarf?
-No. That would just be fag-like.