It is used to refer to spending a lot of money, making a mess, or stuffing up very badly.
Oh man, I really did a BP on that one. (I really stuffed up.)
It's going to take me all day to clean this mess up. It's a real BP!
Tidy up your room! It looks like BP was in it!
No, I didn't pass the exam. In fact I made a complete BP of it.
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