Fairy Friends & Neighbors! is the tenth episode of Season 4.
Timmy’s Mom and Dad don’t have a lot for friends so they are always making Timmy do boring adult stuff. He wishes that they had new friends- Cosmo and Wanda in human form! Now Mom and Dad are always doing cool adult stuff with Cosmo and Wanda and Timmy isn’t invited. Mom and Dad and Cosmo and Wanda all realize how lonely Timmy is, but what will they do about it?
Timmy doesn't want to spend time with his parents because they spend their time together using their ideas on Timmy, such as playing a board game that ends up with them being twisted into a knot, eating snails even if they're still alive, and going to an opera that's so boring that Timmy almost ends up dead. Timmy decides the best thing to do is to wish that Cosmo and Wanda were their adult friends. They play the newlywed couple that had just moved in the house mysteriously levitating above the Turner's house. The four hit it off instantly. They spent time doing things that Timmy actually wishes his parents let him do (but wouldn't as they had a lot of boring things to do first), these include going to the moon, drag car racing, etc while Timmy stays home getting tortured by Vicky. When Mr. and Mrs. Turner arrive back home, they see Timmy was crying and believe that it is because they are not spending time with him (Timmy is actually crying because he was being forced to peel onions by Vicky).
Timmy's parents decide they have to break up with Cosmo and Wanda. They invite Cosmo and Wanda to eat at a restaurant. While there, they try to make Cosmo and Wanda hate them by any means, including calling Wanda fat and ordering ordering some flaming barbecue and throwing them at Cosmo. The fairies incognito nearly give up and hide under the table, reading Da Rules book to see if there is a "revealing magic by torching your godchild's parents" rule. The long wait causes Mr. and Mrs. Turner to believe the two had died. At Timmy's house Timmy is shown throwing a party with his classmates and some criminals, monster truck drivers, Vikings, and the military. This happens when Vicky has a bet with Timmy; whoever pins the teeth on Chip Skylark wins twenty five bucks and Timmy gave her an MP3 player with blasting high music so she does not hear anything otherwise. Eventually Timmy's parents arrive and blame Timmy, but then they see their neighbors at the party too as Timmy had convinced them to come. He then blames Vicky for the party and Mr. Turner kicks her out of the house. Next morning they apologize to Cosmo and Wanda for hurting them and Cosmo and Wanda respond by telling them they must leave. They fall from their house above Timmy's house and they have a party because Timmy didn't invite them to the previous party.