so I have used hex colors in html, and css in these ways: #000000 and #000 , as well as with the alpha variables #00000000
that gives us hex versions that are both 6 characters, 3 characters, and 8 characters.
it stands to reason that the 3 character version could have an alpha variable too, making a 5 character version that would look like #00000. Does this exist and is it recognized?
From the spec
http://www.w3.org/TR/css3-color/