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1.
This term refers to a woman's breasts when she has very large areolae. A woman has "dipped cones" when her breasts become very saggy and droopy, thus somewhat resembling that of a dipped ice cream cone (use your imagination).
Damnnn....that girl I was with last night had huge nips and her boobs hung so low; she's got those dipped cones man.
by HotChocolate87 January 29, 2008
 
2.
A black person who acts like a white person. Dippy is the abbreviated form.
"That kid steven is such a dipped cone, he just started talking about the lighting.

"Wow he IS a dipped cone"
by Pevey September 17, 2013