1. Very common abbreviation for "herpetophile": someone who likes reptiles. This is generally either:
a) A furry fan who likes scalies (anthropomorphic lizards, saurians, and/or dragons), or
b) Someone who likes reptiles as pets, or
c) Someone who avidly studies herpetology.
2. Abbreviation for Herpy Reptile Lover's Community, an archive of scaly art, scaly porn, and reptile reference photography (herpy.net).
It wasn't until I saw my wife masturbating to pictures of Robbie from Disney's "Dinosaurs" that I realized how much of a herpy she was.
1. something that is disgusting
2. something that sucks
all generally negative connotations are appropriate
"man, that is so herpy"
"get your herpy hands off me"