2) Used by Mr Burns in the Simpsons to describe an event he had when he was younger.
3) An event pre-dating the present and that involved homosexual behaviour.
2) Oh, well, when I was six, my father took me on a picnic. That was a gay old time! Oh-ho, I ate my share of wieners that day.
3) Hey, Oscar Wilde, I hear ya've been having a gay old time down at the Gentleman's Writer club.