1) Nickname of a person with the initials E.L.F. The Y is added for special purposes to notice that the person is not as intelligent.
2) A crazy person with short blonde hair. Who is deeply in love with a boy named Josh.
Note: The name is most said in a sarcastic, high pitch, childish voice.
1) T-rev your gangster, just like Elfy.
2) Damn Elfy give Josh a break. j/K