A bitch that isn't too great right now, but will be very good in the future once you succeed in working your magic on her in one way or another.
Neil: "Heard you and Mary are getting together."
Bob: "Yeah, what about it?"
Neil: "That girl's the biggest prude this side of the Susquehanna. You couldn't get in those pants if you were her favorite pair of panties."
Bob: "S'aiight nigga. She's a project bitch. Give me a couple of months and I'll be hittin' that like J.J. Redick hits wide-open threes."