It is more than one peace, and even two peaces. Its basically a way of saying 'what's up!!!!' Without words and also a very cool/fun way of saying peace out, but ya know, its three peaces, not just one.
Peter: (holds up 4 fingers)
Darryll: "What's up my guy!!
Peter: (holds up 4 fingers and flaunts it around at people)
Darryll: "Geta Triple peaced!!!"
When a female takes a picture of her genital area and manages to include her face, she then puts up a peace sign capturing the moment.
Bro I just got sent nudes from a girl, she gave me the Triple P (pussy peace and pout).