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1.
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.
Wanna go dancing with the green fairy again?
by TheDefenestrator April 16, 2005
 
2.
Abbreviation: "GF". Refers to blonde women who pretend to be beards for their questionable husbands.
Observer: "That Green Fairy's husband is flirting with another twink in front of her...She should probably start refurbishing his closet; he might be there for a while."
by Kipli September 24, 2009