The placement of the male testicles into one's mouth. (See tea-bagging.)
"Dude, its Wednesday and I kicked your ass at this round of Halo 3, hows that Lipton Dip tasting?
This occurs when you dip your balls into a girl's vagina. She has to be on her back with her vagina sticking into the air and you have to straddle her with your balls. Pretend you're doing squats into her pussy.
That Lipton Dip was pretty sweet man!