(verb) to "Party & Play". Term seems to originate from Craigslist and/or other personal ads where the poster of the ad is in search of someone to Party (Do drugs. Usually Crystal Meth.) and Play (Engage in sex acts or intercourse.) with, just for the day/night. This term seems to be most prevalent among homosexual men.
An emoticon in which it represent looking to the right (or left if you use q_q) and may also means "I'm looking away from you", which is usually what it signals. So if you see someone use this emoticon, you should probably stop talking.