Are we speaking of fair folk in the spirit of J.R.R. Tolkien and his various races and cultures (men, high elves, wood elves, dwarves, hobbits, ents, trolls, goblins, orcs, etc.), or in the spirit of a race that might (say at least 10% likely) actually exist?
Of fictional races I took a liking to the Giants of the Chronicles of Thomas Covenant the Unbeliever (by Stephen R. Donaldson). They were a merry, laughing, long-winded folk who could tell tales that lasted for days. Which is probably why Lord Foul (the dark lord) seemed to hate the Giants above all other races.
The Giants had certain subtle magical abilities such as being able to "will a ship upstream," though the expenditure of such will could badly sap their energy. Perhaps their most interesting trait is a ritual called (if I can possibly remember right) the caamora. It was a sacred way of cleansing their souls of any stains they felt from within. They could thrust their hands into a fire, and not be burned, but the pain of the fire's heat was a sort of baptism for them.
As for known/common Earthly cultures, I (for better or worse) can give info of various sorts on the people and culture of the Church of Jesus Christ of Latter-day Saints (think Mormons and Utah here). The LDS church is unusual in that it immerses each of its members so deep in its activities that Mormonism has become as much of a culture (some anti-Mormons prefer the word "cult") as a religion. This culture has some good points and some bad. Some admirable people, and some not-so-admirable. I have people of both classes among my blood relatives.
If you meet an average "Latter-day Saint," you'll probably walk away with the impression that they're a very nice, friendly, kind person who'd be glad to help you in any way and wouldn't want to hurt you. But Mormon culture is also rather definitively synonymous with conservative culture. The Mormon church spent a ton of money to defeat same-sex marriage in California (before California finally recently got it back). The Mormon church is very anti-abortion, anti-homosexual, etc., though on the surface at least it purports to hate the "sin" and love the "sinner."
You can grow your hair out in the church but your fellow members will frown on you if you do. If you're a woman, you can get one piercing in each ear and that's it -- and that's official church doctrine. Mormon people tend to recoil from tattoos and think of them as if they were graffiti on the walls of a temple. The church forbids sex before marriage (and all masturbation), and has been known to monitor sex (by way of drawing out spousal confessions in the bishop's office) after marriage. And on and on. Very conservative. Very Republican.
The church forbids the consumption of tobacco, coffee, and tea (except non-caffeinated herbal tea). Modern church culture usually tolerates the consumption of Pepsi and Coke, but used to frown on that. The church believes in SAHM's who have lots of kids (as many pre-mortal spirits are waiting in Heaven for their chance to get a physical body).
The church strongly teaches the principle of "free agency" (an individual's absolute right to choose good or bad, though both choices have their rewards and consequences), but some individual churchmembers act as if they resent free-agency and would rather see the whole world compelled to be righteous (which was actually Satan's original idea according to LDS doctrine).
The church is huge on service and any active member will have some kind of calling (teacher, clerk, youth leader, and on and on). If all other callings should lapse, one will still be a home teacher (if a man) or a visiting teacher (if a woman). Home teachers and visiting teachers have a list of usually about five families to visit once a month: to ask how said families are doing, how the church can help, and to deliver a spiritual message.
Women don't hold the Priesthood (with its highest of all church authority positions) though they hold subordinate leadership roles that sort of correspond with the men's "superior" leadership roles. The men have the Priesthood; the women have Relief Society. The men have the Priesthood; the women have pregnancy, childbirth, and motherhood, gifts considered better than any Priesthood could be.
Churchmembers are supposed to fast (no food, no water) for 24 hours once a month, and if the Spirit moves them, get up during fast and testimony meeting and bear their testimony to the whole "congregation" (Mormons call it a "ward," not a congregation -- and what most Christians call a "pastor" or "priest," Mormons call a "bishop." It's all so confusing sometimes ...) about the church being true [read: the Only True and Living Church on the Face of the Whole Earth], Joseph Smith being a true prophet, how much they love their families, spiritual experiences they've recently had, etc.
The bishop (who'd be called pastor or priest in a non-Mormon Christian church) seldom "preaches the sermon." Instead, rank and file members are usually assigned to give talks -- and opening and closing prayers, which are not rote prayers though quite a few members will try to pray publicly in a rote style. This is kind of good for the members because it helps acclimatize them to public speaking.
19-year-old young men are expected to serve two-year missions for the church, preaching the Gospel in a faraway State or Nation. During these missions they're to have minimal contact with the opposite sex -- "no closer than arm's length," as the mission rulebook says. A missionary's only supposed to listen to classical music and the Mormon Tabernacle Choir. He has strict times to rise and retire (to wit, 6:00 a.m. and 10:00 p.m.). His every day is plotted out down to the minute. Lots of scripture reading, studying of the lessons he'll teach, studying the language if it's foreign, and tons and tons and tons of knocking on doors asking people if they'd be willing to hear the Mormon message (and if they are, the missionaries will try to ease them along the path towards baptism -- not just any old baptism, but bonafide baptism into the one church that God considers legit).
Given all those doctrinal and cultural beliefs, it's very tempting for a Mormon to develop a superiority complex. Fortunately, most Mormons are very humble and unassuming, even though their convictions may be hard as a rock.
As for missionaries, each male missionary has a (platonic, obviously) companion whose side he must never leave (though which companion he has will be rotated every perhaps three months, as will which area he's stationed in). The only privacy missionary companions get from each other is when they're using the can or the shower. Probably not all bad, since it forces you to learn how to live closely with another person and thus virtually trains you for the platonic side of marriage.
Missions are considered ... okay ... for young women to do, but they must wait til they're 21 ("old maid age" in some Mormons' eyes), and what their families would reeeally rather prefer is that they married a recently-returned (male) missionary right away (after a moderate courtship), then immediately start having lots of kids while the young father goes to BYU and works a night job to support the family. Not terribly realistic, but there you have it: a bit more of Mormon culture.
Oh and one kind of cool thing the church does: It eschews the prospect of a Heaven and a Hell with no in-betweens. In fact the church teaches that most people will end up in a "kingdom of glory" that could be likened to Heaven, Super-Heaven, or Uber-Heaven (respectively: the Telestial, Terrestrial, and Celestial Kingdoms). Only a few will "truly go to Hell:" what Mormons would call "Outer Darkness."
Well my post is quickly turning into a Giantish tale, so I'll stop. But obviously I can answer lots and lots of questions if you want. Trust me, it'd take me a long time to describe all the strange, beautiful, innovative, and even ugly things that Mormons tend to believe and do.
I personally had bad experiences in the church, experiences that got worse and worse after I passed into adulthood. But that's a whole 'nother Giantish tale for another time.
Anyway, that's my official description of a culture (as well as a church) that I came to know very well during my tenure in it.