To cover someone's house (and trees and shrubs) with toilet paper or other similar paper product, often as a celebratory event, without the "victim's" knowledge. Sometimes also performed as an act of hazing
The football team TP'ed the Smith's house again...this time with paper towels in their trees..
Toilet paper is thin soft paper that people use to clean themselves after they have got rid of urine or faeces from their body. Thin, absorbent paper, usually in rolls, used to clean oneself after defecation or urination. Also called toilet tissue