What is a depraved gay man?

Someone who lacks morals, values, or ethics.

Definition

Can also be one who is convinced, or manipulated into renouncing their morals or values.

Noteworthy: Generally used to imply some form of mental illness, in that one in their right mind wouldn't be so devoid of morals, ethics.

Also a slur used by some to describe something they aren't comfortable with, such as homosexuality.