acronym for one of these phrases: Pretty small penis, pretty sweet package, portable system of pleasure.
it all depends how you use it.
dude 1: so i was with this chick last night....
dude 2: yeah...?
dude 1: she told me a had a psp...
dude 3: a pretty sweet package?
dude 1: no...a pretty small penis...*runs and cries*