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perk 1. v. perked, perkÂ·ing, perks. v. intr. 1. To stick up or jut out: dogs' ears that perk. 2. To carry oneself in a lively and jaunty manner. v. tr. To cause to stick up quickly: The dog perked its ears at the noise. adj. Perky.
In Fallout 3, Perks are bonuses of varying kinds that are earned after you successfully attain a new level. Each level you earn will not only allow you to dump skill points into your various skills, but will also allow you to choose an available Perk from the list given.