Material that is not safe for polite company is generally considered to be no big deal. If content is labeled as being NSFPC, this means that it is likely to contain a decent amount of something that could feasibly offend... someone. Who or what is not entirely clear, but if you come across something labeled NSFPC, better to not click that link until ensconced in the relative privacy of your home or office. Public library or internet cafe, either of those are acceptable places to view NSFPC material.
NSFPC material is often hard to see, or hard to notice. NSFPC material can also be offensive to only a very small percentage of people. As such, unless you are having a direct internet interaction with someone you find to be easily offended, you are probably safe clicking on a NSFPC link.
Some examples of materials that could be thought of as NSFPC:
Political jokes, swear words, political opinions, pictures of fast cars, pictures of guys or girls with their tongue out of their mouth (for any reason), non-revealing medical related photographs, news reports involving death, death-metal, gangsta-rap, really REALLY loud noises, any of those lame, stare and scare flash nonsenses that people claim to be optical illusions only to have you look long enough to crap yourself when the inverted picture of Ozzy Osbourne pops on screen and shrieks or something, angry looking animals, games that will require you to pay more attention to them than to your polite company, things related to ex-significant others, photographs of people in extreme poverty, fart jokes, belching jokes, flaky-skin jokes, any kind of red-neck joke, images of war, funny images of deities.
Some situations that could be considered 'polite company':
Surfing the internet with your grandmother, checking email with new husbands uptight and semi-delusional step-mother, updating twitter with the queen, trolling facebook with 3rd graders (and their teacher).
Things that are not considered NSFPC, but should be:
Anything celebrity gossip related.