Whenever me and friends do the "fist/slap" we made a "rule" to exclaim, "faggots!" in a high-pitched lisp followed up with a back-turn snap of the fingers. We didn't say it to be mean or derogatory towards anyone, we did it because we were ridiculously drunk one night and it happened way too often and looked absolutely stupid every time.

Unfortunately it continues to happen when we're sober.

(it may be a generational thing. I remember when I was young everything that was stupid was "gay", and anyone who didn't want to do anything stupid that everyone else was doing was a "faggot". I don't know if that excuses anything though... probably makes me sound like more of an ass.)