Peyp developed from a word used to describe the attractiveness of the opposite sex. The early form was treat which evolved to peep over time. The spelling was then changed to its current form around 2005. By using the word peyp the opposite sex can be described attractive to there face without them being aware. This can often stop uncomfortable confrentations

Peyp can also be used to describe any situation which is percevied to be really good.

Other words can also be used alongside peyp to describe the level of peyp. A royal peyp would be seen as a top class peyp. On the other hand a peasel peyp would be viewed far more negatively
Look at that bird she is peyp.

I am the absolute peyp

Last night was a total royal peyp
by Mr Peyp September 14, 2009
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When Peyton Manning is in the process of pooping all over your team
Peyton Manning was Peyping all over the Steelers every time he got the ball
by ExiledAchilles September 11, 2012
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