I had someone try that with me before. Insults don't hurt me, but I was bothered that he couldn't think of anything even remotely creative, just all the synonyms for "gay." I welcome people to make fun of me, because I hope to hear something so funny that I can laugh at too.
If you're at the bottom of the totem pole and they keep making fun of you like that, tell them this: "Given how you won't shut up about it, it sounds like you're more obsessed with liking dick than I am."