This phrase is used to make it known that one has succeeded in one's goal or act. More or less to achieve any type of Ownage involving their opponents or daily obstacles in life.
This term can also be used as a question to clarify if any type of success had taken place.
For ex. Rippin Shits????
Also emphasizing the term describes your achievement level of success.
"Rippin Shits." as opposed to "RRRRIIIPPPPPPIINNN SSHHHIITTTSSSS!" are two different levels of achievement that can be obtained through owning.
Ex.1) ("Rippin Shits" used in a sentence)
Jeff - "Yo kid...I got a B+ on my exam dude.
Bill - "Rippin shits?"
Jeff's reply - "Rippppiiin Shitsss!"
Ex.2) (An example of Rippin Shits)
Bill just demon-cupped some pussy and now he has to do a naked lap! This situation is a Rippppiinnn Shhhitttsss! moment.
(Rippin shits' achievement level is high because a demon cup is a difficult shot to achieve in Beer Pong unless you are Al D.)
A fart so nasty a person should have to check their shorts afterwards.
"bwwwpopoooommmp" . . . Dude are you rippin shits over there? You better check yourself!