Caroline Ann Seawright wrote:

What if Ranma was gay?

Fanfic writers have been there, done that, bought the tee-shirt.

Though none that I can recall had any real male-male sex... wimpy
female(Ranma)-male sex, yeah... but no yaoi fics!

As an aside, "Thy Outward Part" has often been labeled by detractors > > as
being a gay fanfic.  Kun-chan's "Ranma no Hentai" was written > > specifically
to counter TOP and TNoL.

Well, TOP did turn Ranma into a wimpy girly-boy, who was nothing like > the
Ranma you see in the series. ^_~  But it wasn't yaoi!

http://www.ecr.mu.oz.au/~caseawr/kunoichi/ran_yaoi.txt

But in my story, Ranma isn't _really_ gay, either ... though you do > get
the yaoi part. ^_^  (And an explanation of why it was written!)

I think the following fic counts if that's what you're REALLY looking
for.

"Father Figure" Hunt down Tzigane's website, or the
http://anime.muck.com/~Sakura/ archive

There was a fic that I saw once, detailing the 'hidden loves'
relationship between Ranma, Kuno, and Ryoga.  But I can't remember the
name...  sorry.