1. its a term used to describe someone whos has been so useless or such a let down, this makes them as useless as a nipple covered in shit.
2. A person whos make an epic goon of themselves.
1) Person 1 "heya mate, did you get that twenty bag for me?"
Person 2 "na man i forgot"
Person 1 "your such a fucking shitnip!"
2) Person 3 "Mate, i just got hit by a camel"
Person 4 "what a shit nip!"
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