This usually means someone who's head is balding, or completely bald, but has a huge beard to show that s/he is still capable of growing hair.

It could also mean that someone is bald, but hairy everywhere else. Like they're back, legs and arms. They can often be seen at places where swim suits are worn (like beaches, pools, waterworld).
"Wow that guy has hair everywhere but not up there."
by CutMyWristsAndBlackMyEyes April 2, 2008
Get the hair everywhere but not up there mug.