A pimp hug is a hug shared between more than two people. To do so, a person must spread their arms wide and hug at least two others saying loudly and in a preferably pimptastic voice, "pimp hug!"
Guy: Come here ladies, give me a PIMP HUG!
Girls: Ew, you're not cool enough to use such an amazing term.
The hug a "player" will give to a lady, when the two are not involved in a relationship. This is the hug he gives all ladies, thus making him a pimp, making this a pimp hug. Usually, but not always, involves only one arm of his. This is a casual hug that can be given at any time.
Today i saw my ex boyfriend, and he didn't even give me a pimp hug. What a jerk.