Penis-Endowed Life Partner. Compare with "VELP", which was coined by Tim Minchin regarding female partners. PELP is the male equivalent of this.
My PELP and I went to see Tim Minchin last night
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Pelping someone means to slowly insert a dead fish into their rectum.
This is taken from a famous German cartoon by Walter Moers.
...where he was pelped by the Inquisition...
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Inserting the penis in the vagina continuously resulting in hardcore sex
I was "pelping" your sister lastnight