Generally, a friendly nickname given to a person who's stature is under 4'10" and is of Irish decent, or at least has naturally reddish hair.
A term to describe a person who is, or could possibly be, half hobbit and half leprechaun.
Billy said to Bob, "I know this girl who's really short and has red hair, so I nicknamed her "Hobbrechaun." She thought it was really clever."
Bob asked, "What's a 'hobbrechaun?'"
Billy rolled his eyes. "Don't you get it? Half hobbit, half leprechaun. Duh."
Bob thought for a minute. "Oh.... Ha ha! I get it! That IS clever."