Stands for "Dirty and Sexy but Sloppy Sloppy Drunk." Occurs when the girl you've been eyeing up at a bar or party crosses over into that place where all her inhibitions are gone (GREAT!) but, unless you're drunker than she is, trying to hook up with her becomes a questionable, perhaps illegal, option (BOO!).
Guy 2: "No, I waited too long to make my move and by the time I got up the courage to talk to her she was dexyslopslopunk - she was dancing on a table in a miniskirt with no panties and puking into an empty beer pitcher when I left."