Well.... a true pimp suit might not be politically correct...but it will get some attention for sure for a costume party or Halloween.
The look that we usually associate with this is the 70s style street hustler. Its a cool look if you're trying to go to a Halloween party, but I don't know that I'd want to try to wear these out otherwise. The full look includes some flashy accessories too. You could buy one from a vintage store, or I think its easy enough to put one together provided you have access to some dated fashions!
The jacket is probably the key feature of the pimp. The bigger the better, the flashier the better! Get something 3/4 length, with a big lapel. Loud colors work the best. Some baggy sleeves that you can roll up are good too. A funky material like velvet or velour can add some splash and get the women feeling it.
It would be awesome if you can find pants that match the jacket but that's not always possible. Try to find some vintage polyester that is an equally loud color.
Next up is a hat, maybe equally as key. If you're lucky, you have one that matches the jacket and is just as loud. Otherwise, find something with a big brim, but not a cowboy hat.
The cane is a needed accessory for this. Old vintage shops have these all over the place. Get something with a big flashy knob.
The shoes are the last important piece. Platform is the way to go if you can do it. Obviously, Foot Locker or Allen Edmunds don't have a whole lot in stock. If you can't get those, find some other loud looking ancient shoes. Some antique white dress shoes can be a good look, especially with darker pants.