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1.
When you want to break up with your girlfriend but you're too much of a pussy to do it like a "big boy".

Can also be used to say that you are leaving a place or area.
"Dude are you breaking up with me?"
"YUP, DIP STATUS."

OR

"YO, I'm going to DIP I'll see you later."
by Look At Flowers April 17, 2010