-Requires a bag of tortilla/corn chips, and salsa (a Spanish/Latin American-originated sauce often consisting of tomatoes, onions, peppers, and spices) for dipping the chips in. The salsa can range from very mild to very hot/spicy. Many Mexican restaurants serve their own house-made chips with salsa complimentary to your table.
This snack is very popular and can be very addicting.
Waiter: "Sorry sir, you've already had 16 rounds. I'm cutting you off."
"dude you don't want to go in there, they're having chips and salsa."
"did you see corry follow christy into the bathroom? they're totally having chips and salsa. turn up the volume on the tv."
This act would therefore simulating a chip dipping into a bowl of salsa.
Usually done with Latina women for added lulz.
"I just shared some serious chips and salsa with my latina maid."
Cool story, bro.