Short for "dippshit"
doesn't really have a meaning its is just a term generally used like you use the words "ass" "asshole" "asswipe" "dumbshit" "idiot"
yeah, I guess it means idiot.. yupp
Dipshit: (ENTERS ROOM) Hey wassup
Person: WHAT THE FUCK?? Can't you read that BIG sign that covers the whole door that says "DONT ENTER??" You dippshit.