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How long have you been gay?
Good question
Interesting question 
If we speak strictly of a domain name (not buying an existing website), I think it really depends on what you want to do with the site you will create.
A domain name that contains the word(s) it relates to is important to be well listed in major search engines.
Example (may exist or not): gaycatering.com, if you want to create a site about your business, is a very good name for search engines, even though it is a bit "generic". Few such names are still available of course...A second choice will be gay-catering.com, keeping in mind that you will sent a fair amount of traffic to the owner of gaycatering.com........
There are many people who buy domains only to try to resell them.
I received in the past several messages offering to sell me my own domain name, with a .net or .org instead of my .com I never replied.
There is also the "trendy ones", when everyone is trying to take advantage of an existing successful website such as youtube.com, thus the near-impossible task of finding something available and not too stupid that inlcudes "tube".
As a rule, I would say you should try to find a balance between:
-something easy to remember
-something related to your subject matter
-something as SE friendly as possible
In the case of a gay paysite, the name is somewhat irrelevant, and the most successful paysites these days have names that are not related to the content they offer (Seancody, Corbinfisher, Badpuppy,etc). They gain popularity based on quality (and marketing of course), and get little traffic from SE, unless they pay for it.
Let's remember that the names Yahoo and Google may have seemed a little weird when they were created. It did not prevent them from becoming the most famous sites in history so far...
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