Anytime medical personnel are summoned to the field should result with the "injured" team needing to play a man short for five minutes. The player could subsequently rejoin the game during a throw-in, cornerkick, or goalkick by their team.
Penalize those committing genuine fouls and at the same time control those players attempting to waste playing time to allow teammates to catch their breath.
~ Blue Jays ~
I know the NHL had a problem with players taking dives (hello, Theoren Fleury) a while back. I don't recall how they dealt with it, but I doubt many people called the sport gay for that reason.