Its a step above pimpin', and two steps above awesome. Used when something is even more awesome than just everyday pimpin'.
Tim: where did you get that awesome fedora
Guy with hat: I dunno, why?
Tim: just cuz its pimpin'
... no its pimp awesome.
Guy with hat: i feel ya broski
. That explains why the ladies cant keep their hands off me.
Tim: fo shizzle