1. A phrase said after saying something that could be interpreted as homosexual to someone of the same gender as the speaker.
2. A phrase used in the above context, so that one can say something very gay about someone but still technically remain straight. Acts as a loophole for people to say really, really gay things that otherwise would just not be socially acceptable. People might still look at you weird though.
That test was pretty hard, looking back on it. No homo.
Damn, son, that shirt looks good on you bro. No homo.
No homo, but you're a good looking guy.
Man, I bet you're crazy in bed, no homo.
I want to suck your fucking dick in my mouth until you're about to cum, and then let you jizz all over my face. No homo.