Meep is an onomatopoeic interjection that is often considered to be a recent variation of "beep."
Meep is used by many modern day school children (Mostly those conditioned by internet slang) as an exclamation, compared to a meaningless and random answer such as meh. It can also be a sort of squeaking, frightened noise, like a mouse squeak.
"MEEP" can also be an acronym with a number of different meanings.