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1.
a party containing Pop, Chips, and Parents.

a party usually held by children or the uncool or christian teens.
i met this girl and she took me to a PCP party. i was bored as hell and when i said so they had no idea why. when i asked someone if they had some weed they all got up and turned against me because i guess it's a sin. what a bunch of losers!
by CurvedMirror August 18, 2008
 
2.
Stands for " Parents Chips & Pop" or "Parent Controlled Party". That means no alcohol, but everything below that is allowed. Not as fun as alcohol parties, but they can be moderatley fun. Usually hosted by teen's with strict parents, younger kids, religious families.
Dale: Did you go to that PCP party?
Kevin: Yeah, it was good, not great, but it was decent. I'm gonna go drink!
by Lonetexasranger1035 March 15, 2010
 
3.
An acronym for: Parents, Chips and Pop. Meant to refer to all teenage parties where no drinking or smoking take place. Any drinking contests involve 2 liter bottles of Coke.
A:"Dude, I went to this totally awesome party last night this weekend, I got totally hammered."
B:"I went to a party with my youth group."
A:"Dude, I wouldn't be caught dead at a PCP party"
by The Analytical Kid September 26, 2008