When the person in question (who IS trippin') thinks that something IS, when it is clearly NOT. (you can tell that they are making this up in their head)
katie is the coolest chick that i've ever been to the beach with!
(your friends: you're trippin. she's coniving, selfish, makes up her own rules, and is going to make YOU her BITCH. she thinks she's a queen. you're trippin' just as much as she is.)
the "trippin' person: "i'm gonna jump off this roof because i think i can"
your friends: "will you please stop trippin' and not do that? oh look, i found something shiny!"