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1.
When something goes wrong.
Or if somethings excellent.

The equivelent of sick.
Its both good, and bad.

Also spelled: bitchips
Negative:
Bitch Chips! That skank wouldn't give me head.

Postive:
Bitch Chips! I found my car keys!
by Kaylaaaaaa August 28, 2007
 
2.
When someone is eating hot chips, takes a bite out of it, and give it to someone else. This is called a Bitch Chip.
"Hey Kate can i have a chip"
Kate bites chip and offers it to me.
"Na-ah girl. I dont want no Bitch Chip"

...I ate it anyway
by Guy Who Shouts Stuff October 22, 2008