1) A humanoid creature with magical powers and sometimes butterfly wings. Fairies (or "faeries" if you prefer) can be any size from the size of a seed to human size. Known to be pranksters, it is best not to get on their
bad side. Dwarves, leprachauns, satyrs, banshees, nymphs and elves can also be concidered fairies.
2) A usually derogatory term for a gay
male, especially
one who is flamboyant and acts more "feminine" than a woman (as if there were something
wrong with being feminine). A heterosexual
man who acts in a feminine manner is also sometimes called a "fairy".