I've only ever seen one person successfully negotiate a PIP and keep their job (for another year, until they took a much better offer at a company that paid them more and treated them better).

The biggest thing is to ensure that the targets in the PIP are both realistic and measurable. All too often I've seen people being asked to meet a bar far higher than is possible (and not even met by top achievers at a company) and with no real way to measure it other than "if I think you're doing good enough".