Popular name for the hallucinogenic liquor Absinthe; 'green' obviously coming from the colour, and 'fairy' from the fact that after a few shots you shrink to 6 inches and grow wings. What Van Gogh was drinking when he cut his ear off.
The end result of gelling your hair into a 'mini-mohawk' without shaving the sides. Popular amongst third-year students and yuppies, presumably to add an air of 'rebellion' to their tragic corporate asses.
That guy in Travis used to have one, but I think he finally grew balls and got the sides shaved.