(noun) any event, occurrence, situation, or happening that is generally unmanly, uncool, bad, negative, effeminate, or lowly; any event, occurrence, situation, or happening that is of or like gypsies (specifically, to be avoided at all costs because of undesirable qualities); literally, a batter made from freshly ground gypsy bits, composed primarily of gypsy juice, and rarely cooked.
Note: used in the partitive sense (i.e., preceded by "some" in most cases).
Man at the gym: Hey brah, let's do some cardio on them ellipticals.
His manlier friend: No way, brah! That's some gypsy batter!