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.
Guy 1: Check out that swaggot over there!
Guy 2: Holy shit! He's pimpalimpin! We should get him to a doctor.
Swaggot: Wow! Iz so trick ass pimpalimpin dat we gots da paper!
Normal guy: You are a swaggot.