I've been trying to think about "slashy" versus "homoerotic". I don't think they are exactly the same thing, although they overlap quite a bit.
For example: In LotR, the movies especially, Merry's and Pippin's interaction seems very slashy to me, but not homoerotic. It's close friendship slashy.
For example: In the BtVS series premiere, the Master performs a ceremony so he can draw power through Luke, one of his minions. Luke kneels in front of the Master and feeds from the Master's wrist. The Master daubs a symbol on Luke's forehead in his own blood. This was homoerotic, but not, to me at least, at all slashy.
I'm not sure what the difference is, though. I was going to say that "slashy" implies some sort of relationship, but obviously the Master and Luke aren't two random people who don't know each other.
Maybe "slashy" implies a desire on my part to take things further, in fic or in thought. I don't want to make up stories about Luke and the Master, but I want to write reams of Merry/Pippin.
What do you think? Is there a distinction? If so, what is it?