A drag queen is a man that dresses up like a woman to enter modeling shows and beauty pageants.
Answer:
Drag is GENERALLY gay males dressing as women either for fun or for performances. Often this is a hyper-feminine "persona" and could be called caricature. A very good example of a drag queen (and someone I respect heavily) is RuPaul (look up on wikipedia.) He once made a comment when asked "are you a woman?" he answered (paraphrased) "How many women do you know who wear seven inch heels, four foot wigs, and skintight dresses?"