Friends with privileges.
Basically a relationship without a relationship, but with all the sex!
Person 1: Yo man are you going out with Katherine?
Person 2: Naw man, she is just fwp.
Person 1: Fuckin eh man! FWP rocks.
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Friends With Potential
basically means that you're friends, but both of you know that there's a possibility of you becoming an item in the future.
kristen: so what's the deal with you and alex?
julia: we decided on being fwp, so we'll see where it goes from there
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Flapping Water Pranks. Fun and funny water activities with friends, lovers and/or the family.
I look forward to margaritas on the beach and FWP - it'll be such a fun time!
Fwp is a fat white pussy
A female genital of a white woman that is rather big or maybe even obese
Meant in the most respectiful and best way
He: do u like bbc (big black cock)
She: yesss gawd i do
But do u like fwp?
He: fuck yes i do!!!