In 2008 you should be able to say some slightly homosexual stuff(no homo) and get away with it, as we are all open-minded people these days. But I think the 'No Homo' phrase was played out like 2 years ago, but is still used alot by guy's and girl's now in a different more comedic way, sort of taking the piss out of it's original use, which was so men that lack confidence to say gay stuff can feel re-assured by the fact they put 'No homo' in brackets after being a bit well ...Homo.(no homo).
Watch this video(no homo) about the phrase 'No Homo...' its funny.
PS. Fancy a bum? (no homo)