prep
In the past, the word prep was used to define those individuals priviledged enough to attend East Coast prepatory schools.  However, more recently, the word prep has evolved to describe any individual who seems like they would be the type to attend a prep school.  In  most cases, today's preps had relatives who attended prep schools-- their families are legacies at these institutions.  Contrary to popular belief, preps do not wear Abercrombie, Hollister, American Eagle, or similar clothing companies.  In many cases, shopping at these stores would be seen as a waste of money (and a lack of good judgement). Instead, many preps choose to sport Ralph Lauren, Lacoste, J. Crew, Burberry, Lilly Pulitzer, and anything from Nordstrom, Saks, and Neiman Marcus.  Loafers, boating shoes, designer sunglasses, and designer purses are also important.  Casually, preps can be spotted wearing designer tees (Michael Stars/ C & C California), Uggs, Juicy Couture, Hard Tail, North Face, Rainbow, and jeans by True Religion, 7 for All Mankind, Rock & Republic, etc.  Pearls are a must, along with jewelry by Tiffany & Company and David Yurman.  Many preps enjoy sailing, golfing, playing tennis-- stereotypical prep activites.  They are often members of a country club and use their time there to associate with other preps.  Families of preps generally know each other.  Many prep families will remain friends through the generations as they gather for charity benefits, dinner parties, and other social events.  Preps usually will attend prepatory schools and attend the universities of their choice.  Most preps will go on to attend the Ivies, Duke, or one of many east coast private liberal arts colleges.  Other acceptable colleges include Michigan, UCLA, Stanford, and UNC.  In short, the word prep signifies the "classic" classy individual-- the type of person who embodies the word "class."
I think that my roommate might be a prep.  Earlier today, she was talking about summering on the Cape.

My parents love my boyfriend Nate.  His father and my father were on the lacrosse team together at Exeter, so our families have known each other forever.  When Nate and I finally get married, we're going to have the perfect prep family.