A bass model crafted by Fender, and endlessly imitated. Slang term is the "P-bass". The first electric bass guitar manufactured in 1958, this has evolved into one of the most popular models ever. A versatile instrument, and extremely well rounded, but known for being able to produce a nice, fatter, lower tone. Sometimes said to be a "punk" instruument, but that's normally coming from the mouths of Ibanez-loving metalheads.
Wow! That Precision bass is sick!