Abbreviation for "Let Me Lick Your Pussy". This is referenced on an early WEEN album, "God Ween Satan". Spelled on the album as L.M.L.Y.P. it is usually pronounced, "lym-lip". It often serves to confuse things in an already awkward moment. Also serves as a binding contract for the return of oral pleasure.
Guy (or cool girl)--"Hey, baby, I like how your hair smells....LMLYP"