“Pimp” as used by those of the age you’re talking about doesn’t mean “protector and purveyor of prostitutes”, although its derived from that. Its all part of a hip-hop-based faux-blaxploitation group of slang terms. Calling someone a “pimp” would probably mean they’re cool/laid-back/etc. They’re probably aware of the real meaning, as well.
Ahh, also: Props. “Props” is supposedly derived from the term “propers”; to give someone props is to give them the respect due to them. Its often used as a general compliment for a specific action or activity; you could give someone props on their fine musical skills, for instance, after hearing a song they performed.
If you mean accessories for a stage or film production, props is short for properties. If you’re talking about the thing on the front of an airplane, it’s short for propeller. If you’re talking about a mathematical problem, it’s short for proposition. If you’re talking about something else, then I don’t know.
Well, among my friends (not that we routinely call each other pimps, but…) calling someone a Pimp is a compliment. Basically its a way to say that someone is smooth with the ladies, or 13 year old girls as the case may be. It also implies that this person is able to get certain favors from a woman without having to spend any money on them to impress them.
You can use “Player” (don’t pronounce the r) or “Mack” in place of pimp, as well.
If you were going to use it as a verb, it would probably come about in a form such as “straight up pimpin’”