Who is the Fountain Faerie?
The Fountain Faerie is the faerie in the rainbow fountain. She looks a lot like the water faerie, but she's not. View her: here

What's with her fountain? Is it always broken?
It's a difficult question, because the fountain doesn't ever "work" but it's not really broken.

Huh? What's that mean? What is she there for?
The fountain faerie grants QUESTS, and her quests are EXTRA special. If you can complete it, you get your pet painted ANY color!! (that works with the species).

Really? How do I get a quest?
The Fountain Faerie's quests are COMPLETELY random. That means there is absolutely nothing you can do to increase your chances of getting picked for her quest. It doesn't matter how old your account is. It can be your first day, because it's RANDOM.

That sux.
I agree.

Ok, so how much do her quests cost?
Prices are totally random too. Her quests can range from 1np-infinity nps! It's just luck.

I don't believe in luck
^_^ Do I care? How is that important to our guide? lol.

How much time to I have to complete the quest?
The time is unlimited, so whether it takes you years to complete it, or a few minutes, you'll NEVER run out of time. Just don't cancel.

Ok so how do I get my pet painted?
When you get the item, activate the pet you want painted (do this first!!) and then visit her fountain. It should be working now! Then select your paint color and whala! Your pet is whatever color your heart desires. No prices at all...it's whatever you want!

Can you just get the PB?
No.

If my pet is painted by her, can I re-paint it.
You bet!

How can I tell if it's her or the water faerie?
I agree that there's not much of a difference. Compare:

Foutain vs. Water

Just look closely and see be sure you know who it is, you don't want to spend a zillion dollars and be rewarded with (thank you!) or something...

Hope I helped. If not, well, contact me?