Right...
I haven’t been so confused with names since I tried reading War and Peace.
I had to put together a companion guide:
THE CAST
Mike: works in a game shop
Frank: friend of Mike
Peter or Pete: friend of Mike
Unnamed shop assistant (USA)
Joe: Peter’s twin
OPENING SCENE – FUN AND GAMES
Mike and unnamed shop assistant (USA) behind the counter of game shop
Pete is chatting to USA while Frank peruses the games.
Frank spots game he likes and runs out to get some cash
(OK, so far so good…but pay attention, it’s about to get tricky)
USA tells Pete that Frank is known as Tranny Mag Frank.
He goes on to explain that this is because a whole pile of transsexual porn mags that had been left in the shop had been claimed by Mike for Frank.
Frank returns and is shocked to find out about this.
His mates, however, explain what has happened and no more is said.
SCENE TWO – DEAD OR ALIVE
A few days later
Mike arrives at someone’s house with the Dead or Alive 2 Dreamcast game. While playing the game, Pete repeatedly picks an effeminate black character.
This leads to some fairly gentle homophobic ribbing.
But no way was anyone calling Mike out on it (The meaning of this bit is lost on me, so I’ve left it as is)
FINAL SCENE – THE CHIPPY
All is forgotten as they head out to the chip shop.
But as they're chatting away outside and eating their chips, who should stride across the green but Pete’s twin brother Joe.
He walks straight up to Mick and says: “What’s all this about your tranny mags”
Conversation dies
THE END
Aaah ok…now I understand…I think
(Portnoy will never stop complaining, Fri 13 May 2011, 16:05, 1 reply)

Excellent interpretation
No one was going to say that we knew Mike had the tranny mags at home. He wasn't present in the shop when we found out.
( dazbrilliantwhites has been meaning to change this..., Fri 13 May 2011, 21:07, closed)

Aaaaah now I got ya!

(Portnoy will never stop complaining, Fri 13 May 2011, 22:57, closed)