a skateboard that has the setup of a longboard. In other words, someone takes the deck of a skateboard and puts on it the wheels, trucks, risers, and bearings of a longboard.
I rode down the street on my schlongboard
when a someone around you (usually a pedestrian, hence "ped") applauds you or is impressed with you, usually this is aimed towards skateboarders, but it could also be aimed at street performers, mimes, etc. this phrase also appears in some of tony hawk's video games.
John's friends gave him some ped props after he ollied the 10-stair gap