A combination of the words "play" and "racism", it is the innocent and comical use of racism that ridicules people of racial minorities whilst avoiding the damaging legal reprocussions.
Is is most commonly used between friends.
Tara: "Are you going to get those black spots that Morgan Freeman has when you get older?"
Similar to the medical condition, Priapism, which is: a persistent, usually painful, erection that lasts for more than four hours. When this occurs at Burning Man, on the playa, you get Playapism.
"Dude, I just got back from the French MaidParade, and I have a wicked case of Playapism.