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1.
A term used in the webcomic Homestuck.

A Rainbow Drinker is a troll who drinks other troll's blood.

Basically like a vampire.

It is called RAINBOW Drinker because troll's blood comes in a variety of colors depending on the troll.
*SPOILER*
*ALERT*

Kanaya becomes a rainbow drinker after she is killed by Eridan.
by Allisterr October 09, 2011