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In short, a fairy godmother is a good-looking faghag, a good-looking female that primarily hangs out with homosexual men - please see definition for faghag.
If Cindy Crawford hung out with gay guys all the time, then she would be a fairy godmother
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An older woman who enjoys the company of younger gay men. This is different from fag hag in the sense that it specifies the age relationship between the parties.
My mom is such a fairy godmother; every time she hears I met a new gay guy she just HAS to meet him.
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Such in the case of the classic fairytale, Cinderella, F.G.S. is the overwhelming urge and want to help out those less fortunate, usually if they are in desperate need for caring or guidance. Sometimes being used as a substitute for having a stable, romantic relationship with someone themselves, the caregiver themselves may feel the need to latch onto the dreams and aspirations of the person they're helping, as well as in some cases even develop a slight romantic interest for the subject they're helping.
The poor girl's F.G.S. (Fairy Godmother Syndrome) practically compelled her to help out all her friends, only to soon find each one of them living happily ever after, and no one to help her in her darkest hour.
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Your mother or father's FB friends, or your extended family members who always leave supportive comments.
You: I got a C on my math test...
Facebook Fairy Godmother: You're so smart! I'm so proud of you! Keep up the good work! You're amazing and clever and you did better than a lot of people, still!
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Used as a euphemism for f***ing c*cks*cker that was used in the TV edited version of The Usual Suspects.
Hand me the keys you fairy godmother!