The substition of a lame or unhip word for one that is cool or trendy. Variation of euphemism. The "ph" does make the "f" sound in this particular word.
Involved Dad: Wow, that young lady over there is awfully foxy.
Ungrateful Son: Please pops, that bitch is bangin.
Involved Dad: Nice pimphemism son.
Ungrateful Son: Yeah, whateva...
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