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A sexual position in which the female lies on a bed, masturbating so profusely that the mattress bounces up and down, while the male lies under the bed with the tip of his erect member against the mattress. This continues until both parties climax.
"Helga and I did the Princess and the Pea the other night, and when we were done, we started the Red Riding Hood."
Used in a derogatory slang way:
A woman who spends too much money on perfume & glamour gloss!
You are just a princess pea today, I can smell you from a mile away!
Very particular about where you sleep
I am a princess and the pea, I can't sleep on this hard mattress.