Gay = "Good as you"

[snopes]

Comment: I saw it asserted recently that the term "gay" as a synonym for
homosexual is an acronym for "Good As You" - i.e., it promotes the notion
that different sexual orientations are on equivalent moral footings. This
seems absurd to me, but I thought I'd make sure the debunking was on
firmer ground than just my say-so.

The most relevant site I found in searching this on Google was
http://www.women.it/les/dizionario/gay23.htm