Pussy. Plain and simply. It's coded so women don't know what guys are talking about. The term originated in Louisville, KY and has been used to describe the act of a male getting some sexual play from a female. Though there is no specific interpretation of what wrip is, the broad spectrum allows for the word to be used in many different styles and scenarios. Mainly intended to be a noun, Wrip broken down is quite simple. One theory is that the "W" stands for Woman, and "rip" is the descriptive of the slice in female vagina. Another popular belief is that "wrip" is not just one word, but an acronym that stands for "Weiner raking in pussy", or "Wet Ripe Insane Poontang".
chad: dude its gettin late, we need to get some wrip tonight
mike: I know man, lets hit up those freshman bitties
chad and mike: "meeeeeep! :)"
Daryl: You think I can get any clock from that blonde?
jake: yea dude, she's guaranteed wrip