Derpshit is a combination of the words 'Derp' and 'Dipshit'. It means to be a derpy dipshit, a dipshit who displays too much idiocy to be defined by the word dipshit alone, or moron alone. Hence, derpshit. Not just anybody can be a derpshit, it takes a special type of retard with a large amount of the derp running through their derpy veins. Wiggers would be a good example of Derpshits.
The creation of this word was inspired by the constant high level of idiocy displayed by the human race.
He's lost his job. He's lost his kids. He's lost his sanity. This is what Charlie Sheen considers winning? Fucking derpshit.