"P" here may directly refer to the English word "pander" or the slang "prakatatumba" but it also indirectly refers to the penis or the pu**y, so the slang is gender inspecific.
Often used in any of these forms, "Setting P", "Set P", "Set the P", "Set that P", "Set my P" etc.
Chris: Janet is so freaking hot. I visit her facebook page every day to jerk off at her pictures.
John: If you like her so bad and she's that hot, set that P!
Anne: It's almost vals day and no one has offered to set P. FML.