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Pleep plop can stand for many different things depending on the context used. You can say "Pleep Plop" used in such context would mean I love you. "Pleep Plop" used like that would translate to Fuck off. The uses for the phrase "Pleep Plop" are virtually infinite.

Pleep plop was made popular on the Small Talk forums on Paintball Nation, by the member Pleep Plop.
Man I got another spam infraction on PBN for saying Pleep Plop. I have only one thing to say to the mods about that...

Pleep Plop.
by Big_Johnny_D May 06, 2009
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