Generally a double entendre, mostly in reference to blood, in another view it can be used as an expression of finality. In this case the "urban" definition of Period is used to express the finality of ones life especially when it's accompanied by blood.
John F. Kennedy got his period on 05/29/1917.
A drawn out version of the word yeah and quite often used as an expression of disapproval or shock. Usually said with a sarcastic undertone.
Guy 1: I tried to steal his car but he saw me and then capped me in my knees! What an asshole, right?
Guy 2: Yeaah..