The story of a shy male "going as far as pretending to be gay" to be close to the woman he loves, because she confused him as one at the start of the relationship.
I guess that some writers could remake that exact same presmise and make it less homophobic. Maybe.
But even if you "forgive" the outdated blant homophobia of the jokes and tone of the film (which it has lines shaming the intolerance and homophobic reactions, showing that it was probably a product of its time more than intentionally hurtful), the other parts are still weak and outdated too.
The editing is 2000 tv quality, the dialogue stiff, the story under developed (even when it is the only story, because the movie doesn't have sub-plots) and the romance between the leads, their attraction non-existent, and the jokes not much more than insults and reactions to the "suddenly out of the closet" Carmelo (Suar, which was pretending of course). Some of those are funny, most aren't. So. Fail. Outdated fail.