I suppose it could be used that way...but I originally heard it in the context of a euphemism for straight sex. (And that was quite some time ago.)
Yes, I understood it to be a euphemism for hetero sex as well.
Me as well. I had never heard it specifically used as a homosexual slang term, but have heard it used an many occasions as referring to an act between consensual adults.
Like mewzilla says...ewwwww.