  The term "gay" is widely overused/misused and does not sound anywhere near as intelligent as some of its alternatives. Also, objects and events do not have a sexuality or personality. If used in reference to a person, it does not usually have any meaning nowaday. If used in remark to sexual preference, generally the person referred to is not "gay". Actually the term "gay", does not actually have anything to do with one's sexuality, rather it refers to a joyous or happy mood, and was stolen by the homosexuals to make them sound more personable and well happy.
Some useful alternatives are alert, animate, animated, blithe, blithesome, bouncy, brash, carefree, cheerful, cheery, chipper, chirpy, confident, convivial, festive, forward, frivolous, frolicsome, fun-loving, gamesome, glad, gleeful, hilarious, insouciant, jocund, jolly, jovial, joyful, joyous, keen, light-hearted, lively, merry, mirthful, playful, presuming, pushy, rollicking, self-assertive, sparkling, spirited, sportive, sprightly, sunny, vivacious, wild, zippy if referring to one's mood. If referring to sexuality, try homosexual, homophile, inverted, lesbian, queer . If in need of a derogatory term try...well actually I have decided it would not be good to help you be unkind. 
