A nick name for menthol powder, such as Gold Bond Powder, when applied to your scrotum. Once the menthol kicks in, it has been said the cooling tingling feeling feels like, "a thousand little elves gently blowing on your nuts."
Nick: Damn it's hot outside. I'm friggin melting...
Steve: That's why I always use the Thousand Elves! The forecast down below is always a breezy 65 degrees with a high probability of AWESOME!