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1.
A female with a penis. She lures you in for sex, but little does the unsuspecting guy know her package is bigger :p

commonly found at www.4chan.org as a purposeful mispelling of "Trap"
(girl undresses)
(Guy)"OMG!! IT'S A TARP!!"
(guy cuts himself)
by DanaF April 24, 2006
 
2.
A dastardly trap which is discovered by the intended victim, much too late to react in time.

or

Any situation where you are forced to make a spot decision
being the general who discovers a large group of imperial cruisers heading straight for his rebel fleet - "its a tarp!"

or

should i wear underwear today? - "a tarp!12"
by Sammage inc May 21, 2005
 
3.
Taxpayer Assisted Recreation Plan. A program that allows incompetent executives of banks, insurance companies and investment firms to live in luxury on public funds while railing against the evils of "socialism".
Thanks to TARP, failed executives can have all the perks formerly enjoyed by successful ones. What a deal!
by WallStreetStrangler June 30, 2009
 
4.
TARP (n), an acroynym originally known as the "Troubled Assets Relief Program" in which the US Treasury provided tax dollars to ailing financial institutions without any linked requirements or accountability. Tarp may also be used as a verb, to tarp, which implies an action or activity void of accountability.
I don't feel like working so I'm going to the beach and tarp all responsibility.
by RichM Davis January 11, 2009
 
5.
"tarp" is the short form of "tarpaulin", which is a waterproofed canvas
"The tarp has sprung a leak"
Nirvana - Something In The Way
by gokukiller May 01, 2006
 
6.
a chick with a dick
also known as a "trap" tarp came from misspelling the word trap.

little does the guy in the dark room know that the dick hes grabbing isnt his!
by p.nasty January 12, 2012
 
7.
A trick, or when someone has been fooled.
'I was totally tarped last night by that barman giving me doubles instead of singles!'

'We need to tarp her into thinking he wont be back til later'

A ladyboy is a tarp. You think its a woman but really its a bloke.
by Oracalette March 01, 2012