I am now going to be the person everybody hates, by being literal:
Yes. SpongeBob is gay. He is happy. Gay means Happy.
Here Is The Defintion:
Showing or characterized by cheerfulness and lighthearted excitement; merry.
He Is Also A Bright, Lively Color, Yellow:
Bright or lively, especially in color
-Courtesy of: Dictionary.com
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Im going to click on the link to the guide in a minute. Im suprised a site this huge of SBSP still hasn't had an epsiode guide, but hey, the later it happnes, usuually the better it is.
-Sponge-Tron_X