You should continue to look at the rubric as you as write
What is the passage about
As you said above, the word "bob" means fencing and you want to know how this can have a double meaning related to homophobes.
This is what I see the 2 meanings as:
1. fencing, as in taking out your fencing sword
2. take out your penis, as penis would be another word for sword in plays/books such as the one you're reading - this would be relating to gays if the convo was btwn 2 men