From dictionary.com

gimp2 ( P ) Pronunciation Key (gmp) Slang
n.
A limp or a limping gait.
A person who limps.

But generally these days it's pretty much a general insult.

As for MILF ... Google is your friend in this and for most things you don't know

Oh, and Kyle, you do know your avatar and sig show a pic saying 'I like Stealing bandwidth' don't you ?