When someone is wearing an obviously larger V neck t-shirt. Something that looks like a poncho, but not one because of that fact that it is slightly smaller than one. The name "Capital" comes from the fact that the "V" in the shirt looks awfully large to someone their size. Not very attractive, can also be as ugly as junners or skeans.
person 1: "hey look.."
person 2: "what?"
person 1: "that guys rockin a Capital "V" neck"
person 2: "Dayummmm, that's hot!!" *sarcasim*