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1.
1)
A licence presented by kings and queens allowing Pirates to legally and for a salary, plunder other countries navies and opposing pirates or privateers. Essentially its the document permitting and defining one as a privateer.

or
2)
The debut album of the greatest Pirate band ever in the history and future, Wheels of Poseidon.
Sir Francis Drake was given a Licence to Pillage by Queen Elizabeth I of England allowing him to plunder the Spanish navy.

Little Jimmy got a Licence to Pillage in his Christmas stocking one year and was really happy because he really liked pirates.
by Shoutin Will Bellamy January 09, 2011