Vice President I'd Like To Fuck. When there is a really good looking vice president of an organization or political office. The term has come to light now that John McCain selected Sarah Paulin as his running mate in the 2008 U.S. Presidential Election.
Presumably derived from MILF and stands for "Vice president I'd like to fuck". Has been used to describe John McCain's VP pick for his 2008 Presidential campaign, Sarah Palin, on various websites.
Jim: Dude, Sarah's under ethics investigation in her state. She opposed endangered species listing for polar bears too.
Bob: Fuck the polar bears! Look at those legs and her glasses...she's a VPILF! I'ma hit that someday.