My friend was telling me about this and I was wondering from which monster and tmq and/or ud's can I get it from?

From bosses if you are lucky.

What exactly can that armour do?

Yes, but which ones? Or is it just any boss in general.

LP abs is a normal stat like STR or any other stat in the game. u can get it from any drop.. mobs, bosses.. but it is hard to drop a good one. altho remember that the LP abs stat can be found in jacket and pants only. if u want an armor with good LP abs check the AH.

Thank you that explains a bunch.