cheep

–verb (used without object)
1. to chirp; peep.
2. Chiefly South Midland U.S. to reveal or tell a secret (usually used in the phrase cheep it).

–verb (used with object)
3. to express by cheeps.

–noun
4. a chirp.

cheap

–adjective
1. costing very little; relatively low in price; inexpensive: a cheap dress.
2. costing little labor or trouble: Words are cheap.
3. charging low prices: a very cheap store.
4. of little account; of small value; mean; shoddy: cheap conduct; cheap workmanship.
5. embarrassed; sheepish: He felt cheap about his mistake.
6. obtainable at a low rate of interest: when money is cheap.
7. of decreased value or purchasing power, as currency depreciated due to inflation.
8. stingy; miserly: He’s too cheap to buy his own brother a cup of coffee.

–adverb
9. at a low price; at small cost: He is willing to sell cheap.

—Idioms
10. cheap at twice the price, exceedingly inexpensive: I found this old chair for eight dollars—it would be cheap at twice the price.
11. on the cheap, Informal. inexpensively; economically: She enjoys traveling on the cheap.

They’re entirely different, not interchangeable.

Also, what’s up with people using “chanter” instead of “enchanter” in World of Warcraft? Is it laziness on their part? Are they so terribly exhausted that the extra “en” is too much work to type out? Or do they really think that they’re chanting when they put that extra spell damage on a weapon?