It's the correct name for those who dwell in Rakshatan. By the people [that are not Savants] they are Fair Folk who dwell in the Wyld.
As for WHAT one is. It is a being which created itself out of Chaos and still dwells within the reaches of malleable chaos. Now, some Raksha are created by other Raksha to serve as slaves and such [aka, it's how they reproduce with other Raksha]. They are the Prince's [or Princesses] of Chaos. They are lured to Creation [realm of the mortals] by the various emotions they feed on. Their enviroment and such shapes them, but the core of their existance is the truth that makes them.
Now, that Raksha are immortal and eternal [In Rakshatan/Wyld] and not in Creation [just immortal in the sense of no dying of old age], they rarely stay out of it long as a whole. Although there are quite a lot [from freelance Raksha to the Balorians] who dwell in Creation. Some pose themselves as Gods and Goddesses, taking tribute, protecting said village/city or...just being demonic beings from Chaos. The Balorians for example, they want to end all of Creation. In other words. "Kill all life as we know it." It's why they get along so well with the Abyssal Exalted, which in fact share the exact same goals. "Kill all Creation".
In this game, it would most certainly be more around the aspects of being a mischevious and naughty Creation dwelling -Goddess- draining the emotions from those that are not deemed worthy and keeping the others as playthings. [Afterall, the Fair Folk are inhuman, so thus their moral system is rather abberational]. Now, since the protagonist of the story will be a Celestial or Terrestial Exalted. The playing field is a bit different. I am hoping more for either a Celestial Exalted [A Solar for example] or a very powerful Dragon-Blooded to go to the call of the village.
Now, this will change the playing field since Celestials [and powerful Terrestials] are more on level with the immortal Raksha and it proves interesting. Since the Raksha in question will definately be of an Entertainer [or Shadowed Entertainer]. It would prove that the Raksha would rather take such as a lover then an adversary. Although, fighting can happen and probably will. But, it all boils down to that the goal would be to become a lover of such.
Now those who know how I play, even in strong sexually inclined games, I do in fact have a storyline. ^^ So, I would like a story driven game with lots of sex. Not just a game of sex with no substance. ^^