Here are some possible interpretations and origins:
* Figurative Meaning: The phrase could be used metaphorically to describe a situation that is risky, dangerous, or uncertain. The "hairy edge" would represent the potential for danger or a negative outcome.
* Informal Slang: It might be a casual term used in certain groups or communities to refer to a difficult situation, a close call, or a moment of anxiety.
* Specific Context: The phrase could be used in a particular field or activity where it has a specialized meaning. For example, it might be used in a trade or profession where it refers to a specific type of problem or challenge.
Without further context or information about its usage, it's difficult to pinpoint the precise history or meaning of "hairy edge." If you have more details about how the phrase was used, I may be able to provide a more specific answer.