Edit: BTW, while my parents are very open minded, we're still an asian indian catholic family. There haven't even been divorces in the extended family, let alone other issues. That's the main reason I never really made it common knowledge. Plus apart from my parents, everyone else who matters, already knows :)
For friends it would probably go sort of like this:
I like men. I like men so much that I don't need to see a woman around. And if one man is good, two are even better.
For parents...I'd show them cute pictures of chibis in love and then tell them the chibis are males >_<
What about y'all?
If you have done it in the past or its all just a hypothetical situation - how would you get it out that you read slash?