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1.
It's a Spoonerism play on the phrase "People Trippin", and is used to indicate that someone is under the influence of at least 3 different types of drugs.
"Whoa dude...I just smoked a joint, slammed a beer, and popped a vicodin. I'm Triple Peepin for sure now bro!"
de GazChamber 4 juin 2013