 can mean the same as ‘hair remover that is superfluous’ or ‘remover of hair that is superfluous’. The ambiguity results from the lack of representation of constituent structure in the English sentence, since it is unclear if the noun ‘hair remover’ is modified by ‘superfluous’ in its specifier or if the  ‘superfluous hair’ is the specifier of the noun ‘remover’. In current syntax, the phrase would be associated with two different NPs.