This is an acronym for "the infinite power of honduras." It has also been used to stand for "the infinite power of high" to indicate a high state of mind when exposed to a honduran drugflower.
Used very much by Argentineans, it is like using "like" , for using as an example, comparing with something, about to impersonate an ocassion or for "guy"
-Y yo estaba tipo : "Y este tipo quien se piensa que es?"
(And I was like: "And this guy who does he think he is?"