White pepper is the dried, naked seed from the pepper plant without any of the skin that usually surrounds the seed. This is opposed to the black variety where the entire pepper fruit including the skin is dried.
With the skin removed you are getting a subset of all the flavor components that reside in black pepper. This makes white pepper milder but also let's the flavors in the seed shine through. There is a bit of a musk character as a result.
When purchasing white pepper you should get whole peppercorns and grind them as you need them. I know this might seem like a pain to buy a second grinder but believe me it's worth it. Ground spices doesn't keep very long and nothing beats the aromas of freshly ground white pepper.
In drink recipes, white pepper serves as a good ingredient in savory drinks. Number one on the list is a Bloody Mary. Try switching out the black pepper for white and see what you think. You can also try this in a Bloody Bull.