Na it's not gay, most guys do it because they know chicks like it more, so technically not shaving is more gay than shaving in the first place. Only thing I think is gay is shaving your legs, besides if your a swimmer I guess. But how the hell do you go about shaving it? I don't wanna rip my sac open and have fluids pour everywhere, that skin is really thin you know, comparable to your eyelids :p
...and hell no I'm not waxing them off, that'll hurt like a mother fucker