Abbreviation for Very Important Person ... a designation subject to the winds of public tastes and the fickle finger of fate. Sometimes means anyone with a lotta moolah. About as significant as being a preferred customer.

A TV show starring Pamela Lee.

The story:

Pam (as Valerie Irons) dates a celebrity. A man attempts to kill said celebrity at a movie premiere. Val saves her date's life, as he wets himself (OK maybe he didn't do that). Afraid of being shown as the wuss he is, the celebrity tells the press she is a professional bodyguard. Val lands a figurehead job to run a private bodyguard service. They name the agency Valerie Irons Protection, hence V.I.P.