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1.
P2
Losing an enormous amount of personal property to the point where someone cannot even take items with him/her out to a club because it is excessively clear that he/she will lose them.
Dude, that guy is a complete P2! He lost 5 iPhones, his debit card and $800 in different foreign currencies in a month! Not to mention his dignity...

Yo, you'd better leave your phone at my apartment - I'm pretty sure you're gonna pull a P2 tonight.
by Jellyrockstar December 14, 2011
 
2.
p2
Shortform for Player 2. Traditionally, the second player in a video game (e.g. the Super Nintendo supports two controllers; Player 1 and Player 2).

Older generation video games did not support text for Player 1 or 2. It was shortened to P1 and P2. Today, games support multiple players either off-line or on-line; making the word obsolete.

For the geekier/nerdier audience today, p2 can be used romantically as a substitute for Valentine in the phrase, "Will you be my Valentine?" It is cliched that this audience will often spend their Valentine's Day playing games by themselves as Player 1. Consequently, they will invite the boy/girl of their dreams to join them as Player 2, happily playing the game together.
"p2 is raking in the points on Bubble Bobble!"

Holton asks, "Julia, will you be my p2?"
by Ruppet February 17, 2010
 
3.
p2
Another way of saying "farts." When pronounced in Spanish, it sounds the same as "pedos," which is the plural of fart in Spanish.
That kim chi gave me nasty-ass p2!

by MattSoCal February 22, 2007