Commonly used by lol-whores in an attempt to describe men they find attractive who will ultimately turn out to be some form of jerk, ass, ass clown, dick, dick face, etc.
Lol-whore: Oh, that's Mark, the PHB. I'd stay away if I were you
MILF: Nah, I just want a good time anyway.
Actual pointy hair is not a requirement for PHBs, but there is strong annecdotal evidence that they will rapidly develop the distinctive hairstyle.
Chris- The bitch probably has PHBS.
Jeremy- Sounds serious.