When a small group of female friends or even one girl partakes in sexual intercourse or other actions with a close group of male friends. This is often performed secretly to keep the identities of who is being "Dipped" from spreading around. The men take turns with a specific girl and proceed to exchange them over a short period of time so they can leave and carry on the rest of their day.
(Before) Guy 1: Hey The Girls Are Coming Over Now.
Guy 2: Ight, I'm Dippin the Blonde first.
Guy 1: Keep it under 5 min bro.
Guy 1: DipFest !
Guy 2: Good look bro. Who's bout to get Dipped next?