1. generally the royal daughter of a king/queen/etc
2. a handy term for certain distasted closet cases, more useful if their last name is something along the line of "king"
"yes, but I've got something in store for The Princess later.."
"Ignore her," her companion advised, "she's just another princess."
Princesses need a knock on the head so they can see the real world. And that the world does not revolve around them.
To a woman, being a princess is an insult because it means their mannerisms are annoying!