short for
homoeroticism yay!

From UrbanDictionary:
Homoerotic subtext (and obvious text) in film, books, television shows, or movies. Usually followed by a feeling of glee in the viewer. Commonly used at TelevisionWithoutPity.com in recaps and forums.

meaning,
for the love of crikey...kiss him already...

also used "to describe awkward glances or sexually ambiguous dialogue between guys"
according to Newsweek 1/24/2005 page 12.

frankly i think
"kiss him already"
works just as well
but i'm probably not watching enough
The O.C. or Smallville

discuss.