Verb:1. to exit a situation because:
A) Something is about to go down
B) Your about to do something better somewhere else
C) You want to peel out in your car/motorcycle/big wheel
2. to take something from a friend that you probably could
have asked for and they would have gladly given to you
1. cops pull up to the party. You dip the f'out. OR your chillin with your friends in your friend's living room recovering from the night before, and you realize how hungry you are. "Yo I'm bout to dip out to McDeeznuts and get my grub on ya!" OR you pull a u-turn at a four way intersection at midnight through a red light "YO Bump this, watch me dip the f'out"
2. your friend's eatin cheetos "Yo let me dip on those cheetos CUZ!" you say as you put yo grubby cheeto dippin fingas all up in yo friends business. your friend: "Da F@#! nigga!?"