In spirit of the holidays, I'm watching "It's A Wonderful Life" with my family. There's this scene where George Bailey and Clarence the angel are at the the Martini's alternate universe Bar, Nick's. As they act strange, the bartender calls them 'two pixies' as an insult. Now, this film was released in 1946, so what would "pixie[s]" even mean in this context? It sounds like a real zinger but I don't want to say it if it means like the N-word or something.
Throughout the scene Nick's been hassling Clarence about a perceived lack of manliness ("we serve hard drinks for men who want to get drunk fast") and generally been sneering at all the talk of angels getting their wings.
I saw it as a slightly more family friendly version of the slur "fairy". He's implying that weird old mulled wine ordering Clarence is, in his eyes, gay.