A combination of the two words whipped and hypnotized. Hypnotized was popularised by Plies and Akon in their song, hypnotized. Basically it means the inability to think rationally due to the arousing features belonging to a hoe, trick, bitch, decent girl etc and her erotic sensual movements to the extent that one becomes a zombie-like creature that pumps out large amounts of dough to feed his new addiction i.e to the whipnotizing girl
She got me so whipnotized, the way she move her body round and round
Danny: Snap outta it man, this babe got u whipnotized!
Alvy: Huh? Sorry, what did u say? I didnt hear u, i was thinkin bout her...
A euphemism, or replacement word, for those who are too pussy to use the actual swearword which is bullshit. The word has now evolved to include broader meanings that include dissing someone or simply emphasizing a statement.
Danny: Bra, u've just been fired!
Alvy: That's bulldust!
Alvy: What the hell is that bulldust u're wearing on your feet??
Danny: I got me some, i got me some, i got me some Bathing Apes!