What does word pimp mean?

As a noun, pimp means a procurer, that is low-life male who makes his living from the earnings of prostitutes. As a verb it means to act as a procurer. In the heyday of the nineteen-fifties and -sixties, it became common to see pimps dressed in extravagantly gaudy outfits, hence the modern extended sense of the verb pimp: to dress up ( a car) in an extravagant, gaudy manner.