Another way of saying 'go for it!' For more affect add 'girl'/ 'bro' to the end of the phrase. The phrase came from a situation in which one person wanted egg and soldiers although they wanted bread not toast. To solve the problem somebody shouted - you dip that bread!
Person 1: Should I dye my hair Purple?
Person 2: Yeah, Dip that bread!
Person 1: Shall we go Shopping?
Person 2: You dip that bread sister!