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1.
A girl that is so cute your heart stops.
Hey Mipsy, you are so cute you are giving me a heart attack
by Mackeeeee July 15, 2011
 
2.
Originated from the University of Florida.

It is the combination of a midget, and a gypsy thief. Trained to steal for poor, collegiate students. They are best known for stealing little trinkets from college house parties.
Man, I really wish I had a mipsy to get me that cool collectible martini shaker from Joe's Crab Shack.
by Atapabadassa December 25, 2010
 
3.
Contraction of Miss Dipsy, i.e. Miss Dipsh--. Contraction is meant to be a polite cut.
I made it up in college to apply to naive or very immature college girls age 25 and under. Usually sits at a desk answering phones and saying things like-"Gee, I'm not sure. Can you call back, like, never?"

I went to college at a late age and I was apalled at the immaturity.
by Sharon M August 26, 2005
 
4.
Naive, usually college girls under 25. A polite slam on her ineptitude. Contraction: Miss Dipsy.
Instead of saying, Miss Dipshit, we say- "She's a real mipsy."
by Sharon M August 30, 2005