The "V" sign has
significant meaning across the pond from the
UK as well.
Here in the
USA it can mean "
Victory", like when you win and you raise your hand in a V. It can mean you're a
criminal, like when you raise both of your hands in a V. It can also refer to the
number "2", like when you want to convey that you want 2 of something and you don't feel like actually saying, "
I'll have two, please", or in baseball when the player who just made the second put-out raises his hand in a V, meaning, "In case anyone on the field lost count or whatever, there are now
two outs".
The "V" can be used to convey
peace, love and happiness, although this has for whatever reason become increasingly rare.