I have Fritz 12, but I don't know what PvP mode is. To analyze one of my games, I cut and paste it from another site or from this site, i download the pgn and called it up through Fritz 12 and then set it for analyzing.
Fritz 12 and PvP mode

That is what I do. But If it was a OTB game and you only had the notation on paper you have to put in each move, and that is REALLY annoying. As you move Fritz moves you take his move back and out in your own. Then you repeat the process. I am wondering if there is an easier way.

Not for Fritz. I didn't like that feature either. What i do is use chessbase light, which is free, created a new board with that button and plug in the moves by moving the pieces. It doesn't take long and then I email the game back to my email address, cut and paste it into Fritz.
Does anyone know how to put Fritz 12 into PvP mode so that you can analyze a game with it? Or can't you do it?