PWD popped into my head tonight for no reason, and after I mentioned it to my wife, she made me look up the lyrics. Interesting that this thread had been dormant since 2001, came to life the last two weeks, and independently popped into my noggin. I should add that I've never visited this site before.

Anyway, regarding "fairy fay," one of the definitions of "fay" is fairy! Another definition of "fay" is a slangy shortening of the very derogatory "ofay," but ofay only dates back to the 1920s. Obviously very few white people who sing PWD realize they are using derogatory language about themselves.