No. Straight. Bi at best. Read the last book/ending to know.
I really don't think it's like that. The Lord of The Rings is a very old book and back then that kind of affection was very different.
If you guys check out the amazing documentary the Celulloid Closet, it mentions a very interesting phenomenon, talking about the movie "Wings", it pointed out how close were they two male friends in the movie, they even hold each other and kiss their cheeks and foreheads. What happens is that back then homosexuality was really something very hidden and few even imagined such thing existed, so men were allowed to be much closer physically, however after homosexuality became more public, also depictions of men being close decreased. Frodo and Sam, and pretty much all of the characters in the books, are all about how great and important that kind of friendship is, the master servant thing, the books barely had a glimpse of feminism with Arwen, but thats it. It's pretty much a male story, which is not surprising at all.
Related: I actually wish Sean Austin was gay. He kissed some of the LOTR cast though, but still. . . Not gay. :-/
is it wrong that I had kind of a crush on him since the goonies? to my defense, he was actually older than me in that movie back then