Queer Faggot is a derogatory term for a straight person. Essentially, the phrase queer faggot is a double negative in the sense of "queer" being a gay person, and "faggot" also being a gay person. The term originated in the hills of Pennsylvania sometime in the early 21st century. The term is often used out of context, commonly being placed at the end of a sentence and said with bold enunciation.
"Wow that was remarkably gay.... QUEER FAGGOT!"