A QP is a very prodigious amount of an illicit substance, usually marijuana. A QP, or quap, is a quarter-pound, or 4 ounces. A QP's value can vary vastly, between cheap 'Mexican brick' schwag and kind bud. Schwag may be around $350/QP in the Midwest, while a QP of kind can cost well over $1000.
Sometimes the best thing to do is get a bunch of people together to get a QP and split it for a much better value.
A Quarter-pound of bud is pretty dangerous to possess, legally speaking. Here in Minnesota, possession of more than 42.5 grams is a felony. Getting caught with such a quantity could help land a distribution charge. NORML's website has state-by-state legal guides.
Source: http://www.norml.org/index.cfm?wtm_view=&Group_ID=4545
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