Shortcut to a file used by FolderShare, a Windows Live computer synchronizing service; contains a reference to a specific file and is used in place of the actual file; most often seen when On Demand Sync is active; double-clicking a P2P file within FolderShare should download the actual file to your computer. NOTE: The term "P2P" is also short for "peer-to-peer," which refers to Internet file sharing programs. Most P2P programs do not use the ".p2p" file extension.