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1.
It's a V neck that's V goes halfway down your chest. Usually worn by hipsters and douchebags who want to show off their chest hair or lack there of.
Mike: Dude, that guys V neck practically showed his nipples!

Dave: Eww, Deep V's are disgusting.
by Zedek August 27, 2012
 
2.
A slang term often used to describe a bottomless vaginal cavity. Popular among hipsters of the homosexual persuasion.
Man, did you see Gavin's deep v today?

What? I knew that mothafucka didn't have no dick
by dj renzo May 25, 2009