Wikipedia's, and therefore the correct, take and definition on a Fred. Apparently there are regional differences in who is considered a Fred.

http://en.wikipedia.org/wiki/Fred_(bicycling)

I rode with in a group on Sunday morning, and in this group was a guy in ~35 on a might fine looking Moots, all DA, with KsyriumSLs on there. "Dang," I say to him, "that is a great looking bike. How often do you race?" "I've never raced before," he replies. I, and everyone else in the group, including the 55 year old, proceeded to leave him in the dust when we reach the hills in Pedernales state park. It didnt bother me one iota that he dropped so much money for all that unnecessarily high end equipment, that's his money to waste. And the way he dressed (plain black lycra shorts, plane color jersey) didn't imply Fred of either sort.