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1.
Mock-pompous English greeting which conveys jocular familiarity on the recipient. Sometimes used in conjunction with "What ho!" and "Old bean" for maximum effect. Derived from PG Wodehouse's Jeeves and Wooster.
Edmund: All right, where is the malingering git?
George: Hello, Cap! Pip pip, Balders! Here I lie.
von weaselnorris 9. Mai 2004
 
2.
Colloquial English phrase for goodbye
A: We'll be in touch. i'm just about to watch a recording of Arsenal smashing the shit out of wigan

B: Enjoy! Pip pip!
von divine horsemen 23. Januar 2011
 
3.
Another word for vagina
My poor pippip, its my time of the month
von GusREPRESENT 22. September 2010