A fusion of the already very expressive words twat and wanker to describe a peculiar, even unique, kind of contemptibleness found in those who are both stubborn and awkward, awkward and stubborn.
"Twink" is commonly used to describe young gay airheads, equivelent of a blonde bimbo. "Twinkerbell" goes on to further label an evolution of the stereotype that minces around in fairy outfits at the slightest excuse claiming it to only be "a good laff". Often these types are in denial about their true sexuality.
Chris always goes to fancy dress parties in a little pink fairy dress saying it's a "good laff and you have to do something different don't you? What do you mean 'indicative of a paternal freudian fixation'? Are you saying my bum looks big in this?"