In MMPORGS like MUDs, a reference to a player's supplementary--thus "alternative"--avatar/character. Not the player's primary character but one used for blowing off steam, avoiding a primary character's responsibilities, or exacting anonymous revenge on a player-character you dislike.
I logged on with my alt after PKing him cuz I didn't want him to gank me.
The exaggerated belief that something (politics, news, morals, video games) used to be substantially better than it is now, expressed usually with bitterness about the present condition. Often associated with long-time players of online RPGs.
Jim keeps claiming the mud's rp was better back in the 90's, but he's just suffering from golden age syndrome.
In MMPORGs like MUDs, it refers to the tactic of an administrator to make something desirable or useful less so. While usually done with the noble intent to equalize an unbalancing element, it invariably evokes cries of anger and bitterness from the playerbase. Thus, it used as a term of derision.
The opposite of "wimping" is "buffing."
The admins replaced the Petrification spell on the Almighty Staff of Instant Stoning and replaced it with a Continual Light spell. Why are they always wimping the good stuff?