The act of encountering a horrible soul tearing disaster with eerie frequency. Similar to the sound you would make when something very bad would happen. "Eeeeep!" When used in conversation typically shortened to "E I P" or "E I P'd"
1. "I just found out my car engine exploded! Eeeeep!"
2. "The place that did the repair work is not going to cover the damage."
- "Dude, you have just been EIP'd"