The phrase describing in which something, or someone is overly spectacular. From the Latin term "holy" meaning, one of god. and the street term "dipset" meaning, to leave the scene, together they form the term which can usually be translated as "that was so great, that i think i have to go now."
Boy: haha. oh yeahh. gosh. i wish other people were there to witness how great we are. and so that they could stare in jealousy.
Girl: holy dipset! flloyditha those were some smashing words of wisdom right thurrr.