Liquid inside stick lights

The light stick contains two chemicals and a suitable fluorescent dye (sensitizer, or fluorophor). The chemicals in the plastic tube are a mixture of the dye and a derivate of phenyl oxalate ester (also called Cyalume). The chemical inside the glass vial is concentrated (about 35%) hydrogen peroxide. By mixing the peroxide with the phenyl oxalate ester, a chemical reaction takes place; the ester is oxidized, yielding two molecules of phenol and one molecule of peroxyacid ester. The peroxyacid decomposes spontaneously to carbon dioxide, releasing energy that excites the dye, which then deexcites by releasing a photon. The wavelength of the photon depends on the structure of the dye; eg. 9,10-bis(phenylethynyl)anthracene gives green light, 9,10-diphenylanthracene yields blue light, 5,6,11,12-tetraphenylnaphthacene yields red light. Other colors can be made of combination of dyes, eg. purple requires three dyes.

Glow sticks are not toxic. They can however be mildly irritating to the skin.

http://en.wikipedia.org/wiki/Light_stick

Okay, as to the very detailed and (for the chemistry deficient) very confusing answer from 'reut', I have a couple of follow-up questions, and I will ask you to pardon my ignorance...  With arguably one of the best holidays of the year coming up quickly, I am trying to think outside the box for a costume.  For the past 3 or 4 years, I have found that a couple of battery powered blacklights and a few yellow highlighters make for a very interesting party tool.  (Sorry for going off on a tangent!!)  I want to incorporate the 'glow-in-the-dark' liquid on hair, skin, (expendable) clothing, etc.

1.  Considering that I will have on, for one night, approximately 3-4 hours, is this an incredibly dangerous idea to use this liquid on hair, skin, clothing, etc.?

2.  Will the liquid dry? (Concern to keep it from transferring to others, or floors/furniture)  I guess I just don't want it to be 'too messy'.

3.  With exception to colors, are there any major differences in glowsticks?

Thanks, in advance, for any assistance.