Sometimes people will say "I'm having a gay ol' time" to mean "I'm having a good time" with a bit of a subversive tint to it, since they know that everyone knows that gay to mean happy is completely outdated. The vast majority of the time it means homosexual, even for women.
It can also be a given name and a surname. However, 99.9% of usage in English these days is sexual orientation related.
I was going to say “and a name which is neither”, but I didn’t realise the atomic bomb dropping superfortress Enola Gay was named for the pilot’s mother.