The Letter U

Definition
Freely available; ready to be taken
Example
1)
After Mr. Mortimer passed away, no one could find his will, so his estate is up for grabs.
2)
I don't want my sandwich -- it's up for grabs, if anyone wants it.
Etymology
When you 'grab' something, you reach for it very quickly. When something is up for grabs, it is out int he open, waiting to be grabbed by whoever wants it.
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The Letter V

Definition
Very Important Person; a phrase used to describe powerful people in business, politics, sports, and entertainment.
Example
1)
The cameras started flashing as soon as the VIPs arrived.
2)
This is a VIP parking zone. I'm afraid you'll have to move your car.
Etymology
Comes from the first letters of 'Very Important Person'. Pronounced 'vee eye pee'.
Synonyms
big shot