1. When the weight of being so pimp or having so much swag causes you to physically limp. Signs of a pimpalimp are sagging of the pants and seemingly having no bones in the limbs.
The pimpalimp is usually used by posers but occasionally by the megadouche. If you see someone pimpalimpin please consult a physician.
2. Often meant to mean "cool" because there weren't enough words to say that already.