This is a term that you can say to someone when they won't get off your case and won't leave you alone. If someone keeps bugging you and are all up in your grill, this phrase is used to get them to back off.
Other variations include: "Quit Tip Ridin'!"
Jack: What did you get on the test?
Andrew: I got an 85.
Jack: Haha! You are so dumb. I got a 97.
Andrew: Hey! Hop off the tip!