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1. Lipshit
Lipstick or other lip crud that accumulates on a person's coffee mug, soda can, drinking straw, etc.
The lipshit on that can of Tab came from Mary's lipstick.
2. lipshit
cluster of dried grime on the corner of the mouth and lips; usually found on individuals who don't know how to clean their mouths or just don't clean themselves in general
a: 'hey what's that on your lip?'
b: 'its just lipshit!
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