This stands for "WP", which in turn stands for West Port, as in West Port High School. Or it could be the "wp" in wolfpack, West Port's mascot. This term originated among the more ghetto students at the school in Ocala, Florida.
Dub City can either be an entire town/city, a university, or a neighbourhood with a high number of ugly girls compared to the number of hot chicks. It’s generally an area you won’t find attractive girls because all of the good-looking ones are already in a relationship
Dave: Are we going to a party at U of T tonight?
Mike: Nah, we should go to a club downtown. U of T is Dub City