British slang for a strongly homosexual male, usually one who suggests their homosexuality through their mannerisms, voice, appearance etc. Combination of the words "gay and "lord". It is a source of amusement to the English that in America a gaylord is a large cardboard box which takes its name from the Gaylord Container Corporation.
What you would call a "super gay person" (or, literally, a "lord of the gays") or someone you just plain hate. It can be seen as a stronger version of the word "fag".