Faolain doesn't actually mean anything in Irish though it is possible that it could be a variant on the word 'faol' meaning wolf in ancient Irish. To get the right spelling to equate with the pronunciation you have, the name would need to be spelled 'faoilean' with a forward stroke (fada) over the second a. This means 'seagull' in Irish. As regards the accent over the first 'a', I think this is a mistake - in Irish spelling I don't think an accent there would be likely.
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