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1.
LYP
An acronym for Lick Your Pussy. Used when trying to convey such a sentiment to a female partner while she's at work (or any situation requiring discretion) and an electronic communique to her may be intercepted by a third party. If a coworker views a message containing LYP (see example below) she can feign ignorance as to its meaning or attempt subterfuge by making a statement such as, "Oh, he wants to live with my parents someday and won't shut up about it", thus furthering the perception amongst her peers, contemporaries, friends, and family members that you're a great catch and not just freaky.
(sent to my girlfriend while she's at work:) "You make me smile! I love you and want to LYP!"
by Ohsotrue March 15, 2011
 
2.
Vaginal lips. The lips... down under.
"Girl, your lyps be hanging."

"Oooh, my lyps are itchy."

"You're stretching my lyps."
by Edamama August 09, 2008
 
3.
lyp
acronym for "Learn Your Place"
"my gf was pissin me off yesterday so i told that bitch lyp and make me a sandwich"
by lolwatfap April 08, 2008