The trick is obvious.
You know how you get random drops, you can kill a guy in full rune and get like a dragonfire shield?
I haven't ever done it so i don't know the exact values, but i know how it works.
You get random drops in pvp but if you want to get any good drops like a dragonfire shield, your armour must be a minimum value. Hence the "76k" bit.
I think in p2p, your partner wears 76k in value. You kill him, and you possibly get something worth like 10m since the drops are random.
Then he takes a turn, so you take in 76k and let him kill you.
Therefore you lose 76k each time you try it, but theres a possibility of getter far greater worths.