The literal translation of Okama is a cauldron, cooking pot and despite in origin was a slang word for ass, now is slang for faggot, but as has happened in the rest of the planet the use of word Okama has been standardized acquiring a neutral meaning in addition to derogatory. The word Onabe, which also means pot, used to name lesbians. Read our article for the Gay Slang Collection for more information on this word.
Read more: Okama. Gay Dictionary (Japan).