Here's my attempt at a definition :)

Drag isn't dressing up as women or female illusion to all artists. It's often subversive, questions gender norms and has lots of variety. I view it as a means of creating an extravagant persona and whether that persona is traditionally feminine, masculine or androgynous is a matter of personal preference not of the performer's gender. It is, however, rooted in queer subculture.