Cherry Creek is an place in the "general" Denver area of Colorado that consists of schools, reservoirs, shopping centers, and houses. Usually, people who live in the Cherry Creek area have a fair amount of money, and usually kids that go to school in the Cherry Creek School District have a lot of money and are preps. (or occasionally you'll meet someone who isn't or who is but pretends they aren't and dresses all wanna-be scene. But, despite this, Cherry Creek is a good place to live and/or attend and shop. You are safe from crimes and such.
Prep: Yeah, I went to Cherry Creek my whole life.
DPS kid: Oh, you must be rich, huh?
Prep: Of course. I have 12 iPhones.
DPS: Oh, I use Cricket.
Prep: Oh, they don't have Cricket in Cherry Creek.
CC Mom: I got a deal at Panera today! 2 loaves of bread for only $50!
DPS Mom: Nigguh you crazy. We be shoppin at da King Soopers down on Federal and got 2 loaves of dat shit for $0.50.