Used as a insult for instances when you hear someone yelling the word "queer" as an insult towards someone else. You, in turn, would describe the insulter as a "queerp."
A queerp says "queer" in a specific way; it is said loudly and bluntly. A queerp, for the most part, is usually a douche bag and/or cool guy.
John: "Nice backpack Simon" *Said sarcastically*
Simon: "Uhhm, thanks" *Simon walks away*
John: "QUEER" *Said loud and blunt*
Cody: "Man, John's such a queerp"