The actual definition can be described as follows: To be responsible for; to commit.
But the term "perpetratin'" or "to perpetrate" has come to mean something along the lines of faking, pretending, feigning, however you want to put it.
"Look at him, he's perpetratin' the game."
"I don't hate, and I don't perpetrate either."
"I picked up the car phone to perpetrate like I was talking" - The Fresh Prince of Bel-Air - Parents Just Don't Understand
"Tru dat" - Vanilla Ice. (he is Perpetrating)
I know how to say it, but I'm not exactly sure how to spell it. I'm pretty sure that's correct. Now to the meaning: Lo que sea means "Whatever." You can use it in a variety of ways.