Khayat attended Moss Point High School from 1949 to 1952 where he lettered in football twice, basketball three times, and baseball three times.
Khayat then attended Millsaps College in 1953-54, Mississippi Gulf Coast Junior College in 1954, and Tulane University in 1955-56. He lettered in football four times, basketball twice, and baseball once. He was elected to the All-Time Tulane Football team in 1979, and the Tulane Green Wave All Century Team in 1993. He was the Mississippi Golden Glove Heavyweight Champion (novice class) in 1953-54.
In 1991, Khayat became involved with Arena Football, joining the New Orleans Night as head coach in 1991. He also led the Nashville Kats as head coach in 1997. He served as general manager in 1999-2001 and 2003. He was named Arena Football Coach of the Year in 1997. Khayat joined the Carolina Cobras as head coach and senior advisor of football operations in 2003.