Today, my best friend of 20 years came out. What should I do?

Today, my best friend of 20 years revealed that he was gay to me and some of our other friends. Now over the years there have been hints at the aforementioned news but nothing more than a joke between guys. My problem is I cannot decide whether to beat the puff or give him a hug and smack him on the ****. I was presented with this dilemma when my friend also revealed he was in love with me. Talk about a surprise!