quote (but read the whole thing on the original page, it's great stuff!):
The story of how this was invented is fascinating. Murali was perturbed by the frequent probing of his engineering college classmates as to what work he was doing post his MBA. Frustrated by the repeated questions like 'Wazzup' and 'Whats happening', Murali decided to take the road less travelled and discover a word to explain what work he did. After much deliberation he realized that all he did for the last 3-4 years was nothing but Ch*tiyaps. In a fit of rage he updated his GMail status to "CIP – Ch*tiyaps in Progress".