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Stands for " Parents Chips & Pop" or "Parent Controlled Party". That means no alcohol, but everything below that is allowed. Not as fun as alcohol parties, but they can be moderatley fun. Usually hosted by teen's with strict parents, younger kids, religious families.
Dale: Did you go to that PCP party?
Kevin: Yeah, it was good, not great, but it was decent. I'm gonna go drink!

[PCP party]

An acronym for: Parents, Chips and Pop. Meant to refer to all teenage parties where no drinking or smoking take place. Any drinking contests involve 2 liter bottles of Coke.
A:"Dude, I went to this totally awesome party last night this weekend, I got totally hammered."
B:"I went to a party with my youth group."
A:"Dude, I wouldn't be caught dead at a PCP party"
[PCP party] by The Analytical Kid January 13, 2009