Acronym, Vice President I'd Like to Fuck. Popularized on markovforums.com after the selection of Sarah Palin as John McCain's vice presidential nominee in the 2008 election.
"Vice President I'd Like (to) Fuck"
This short lived phenomenon from 4th September 2008 was a variation on MILF and GILF.
Mugs were made and t-shirts printed.
In fact the whole ilf suffix is in desperate need of a makeover.
I have got to gets me a "VPILF: Sarah Palin" fridge magnet because seeing it on the internet is not half as funny as owning one in really life.