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1.
Originated in H-Town,Texas

A whip that is pimped out with rims, nice sound etc.

Also See:
Dripped Out
"I'm draped up and dripped out, the truth has just slipped out, 84's, Red Doors, Candy Apple Flip-Flop" - Lil' Keke

Tommy: " Hey nice new ride, is that draped up?"
Billy: " Hell yeah mayne, this shit got 84's, candy paint, bass in the back, Hydros and Leather."
Tommy: " Wow Kool Dude"
by Alex and Jeff December 29, 2005
 
2.
Referring to the tint on the windows, you can't see in like someone closed the drapes. Drip is the candy paint lookin' wet, like it's gonna drip. 3 six did not invent it... Lil keke's been spittin' that flo since '92.
Rollin' draped up, baller, to keep the sun outcha eyes, smokin' sticks and sippin' bar so you best done realize.
by h-town hitman January 23, 2008
 
3.
Originated in Memphis, as heard in the Triple Six Mafia track "Jealous Ass Bitches" (Bun-B stole the drop for the song draped out.

A nice car with rims and a system.
Draped up and dripped out, know what I'm talkin 'bout
Jealous Ass Bitches, Let that steam out ya collar, ho
by J F April 23, 2007