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1.
A deceiving concept invented by gaming companies to trick people into spending copious amounts of money on binary digits that have no practical applications in the real world.

Of course free to play games are free to download, and free to play, however if you want to make any sort of progress in said game, or be on a comparable level to other players in said game, you need to spend real world money in the fantasy world game to have any sort of fun.

Oftentimes consumers spend more money on free to play games than the MSRP price of many retail games.

You know that the title is deceiving when Electronic Arts, a bunch of money grubbing whores, says that Free To Play games are the future of the industry.
Nerd 1: “Man, I cannot keep up with anyone else. I tried to loot that chest but some guy keeps hiding around the corner and killing me with one swing.”

Nerd 2: “Dude, just spend $5 on that one spell and teach him a lesson.”

Nerd 1: “Good idea, I mean, I only make minimum wage, but 45 minutes of working at my sucky job is totally worth the satisfaction that killing this guy is gonna bring in this virtual reality. Wait I thought you said it was 5 bucks? It’s 10 bucks!”

Video Game Industry: “I love Free to Play. Who would’ve thought ‘Free’ could be so profitable!?”
by Pseudobot19 February 24, 2013
 
2.
When a game is, self explainatory, free to play. Generally F2P (abberiviation) games have a Free mode, and a Premium mode, which costs money but has benefits over Free mode. Games that do not have a Premium mode are supported by DLC (such as Team Fortress 2) and might have more benefits just for buying DLC.

F2P games with a premium mode generally create elitest groups from premium players which insult F2P gamers, thinking money buys them skill, and writing off F2P gamer comments as invalid. I've seen one instance of someone suggesting to make a game with a Free mode, Premium, and Pro mode, have Free mode removed and make the game pay to play. (game was Quake Live)

Free to Play can be the answer for those who want games for free and do not want to resort to pirating.
Paragraph 1 Example:

Gamer 1: Wanna play Team Fortress 2?

Gamer 2: Nah, I'm on a strict budget. No game buying for me. Unless I can pirate it.

Gamer 1: Nah, bro! TF2 is Free to Play! Just download it off of Steam and get on my server!

Gamer 2: I'd love to, but I don't have Steam.

Gamer 1: Remind me why we still hang out with each other?

Paragraph 2 Example1:

Playomatic: Hey, how do I get the minigun? I've been searching for it, but I can't unlock it.

PremiPro: lol u cant unlock it by playing u must buy it u cheap n00b lol

Example 2:

<Member> The_New_Guy: I'm new here, so I was wondering if there was any servers I could join?

<Pro> xXPrO_fTwXx: wtf is he tring to say? i dont spek f2p-n00b.

Example 3:

dAWinAr: hello, i was wondering if we could remove the f2p scum from our respectable community by requiring players to pay the monthly premium fee to play this game. that would remove the n00bs and make us pros the only ones.

Gamerator: yesh, thats wold let us winars have betr servrs and take away da f2p players who cant play

Respectable_John: This post was removed by the topic poster

<Moderator> The_Blade_of_Fury: Locked, we don't want to remove the Free mode, as that would drive away gamers.

Topic locked. You may not post here.
by UltraGamer902 August 30, 2012
 
3.
When a video game (normally on PC) is free but also has a shop which you can pay for items in. When a player is Free to Play or F2P they are generally catergorized as being not very good or Nooby.
Man, this guy is so nooby he must be Free to Play.
by Fa7Tony June 04, 2012