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".