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1.
1. To agree, concur or express understanding of something.
2. Being in "the know" or knowledgable about a subject.

1. Person 1: "Man this song is off the hook!" Person 2: "Yeah, I'm hip!"

2. I'm hip to the music scene.
by Nabru September 14, 2005
 
2.
I know, I agree, co-sign
"Yo this nigga Kobe was goin to work last night!!"

"Im hip my nigg"
by BFIDETHEPRINCE May 01, 2010