Stands for White People Shit. Describes a wide variety of things ranging from mountain climbing to Michael Bolton to Dr. Phil to tiny watercress sandwiches. People of all races can enjoy WPS, but it's something that is intrinsically White People Shit.
"You seriously think Sage Francis is one of the top 10 MC's of all time? That is some WPS."
"My friends wanted to go to this wine-tasting bar to hang out and listen to folk music. I am not trying to have any of that WPS."