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Similar to oops, or whoops, in that you are taking note that you did something that deserves an oops like bumping into someone or knocking something over. Only oosp is used when you have either done an oops intentionally or after performing an oops, really don't care. It has more of a "damn, hahaha" attitude rather than an "aww, I'm sorry" one.
Oops situation - *knocks over a lamp* "Oops, I'm so sorry!"

Oosp situation - *knocks over a lamp* "Hah, oosp."
Oosp by Danves September 15, 2008
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Basically, the term "oops" mispelt by typing inaccuracy. Soon thereafter being given the definition of "underarm fat". Most commonly seen on elderly substitute teachers.
Substitue teacher: Good afternoon class. I'm Mr's henline, your substitue teacher.

As she proceeds to write her name on the blackboard...

Me: dude, do you see the oosp hanging off her arm? Fuckin' gross...
oosp by ChaosSoldier November 7, 2007
Related Words
When you cum in a girls rear and she farts but you also have a twinkie in your ass
Tyler got Oospiesed yesterday by his girlfriend, isn't he gay?
Oospies by Bwayden September 23, 2020

Oospadunks 

Being Great or knowing of someone who is great
Bro you have the oospadunks
Oospadunks by Divine Dragon April 19, 2021