That would be valleyspeak, ...
Yes.
And Valleyspeak is another of the many registers stereotypically associated with 'gay speech'.
For evidence that this stereotypical association exists, just google it.
... something completely different.
Not entirely, no. As
anglagard's
daughter pointed out, the rising intonation of Valleyspeak is quite commonly associated with 'gay speech' - at least as far as stereotypes go.
Love your enemies!