a situation that is utterly akward, dangerous, or just plain unacceptable in which case the only proper plan of action is to...well...dip.
p1: psst...dude why is that old guy standing behind us like that?
p2: i dunno man. lets dip.
dude i found out what that building was that we came upon yesterday. it was the new department of homeland security building. we could have gotten in big trouble. that shit was ridipulous