A "Texas Dip" is an extremely low curtsey that is traditionally performed at debutante balls. The debutante being "presented" crosses her ankles and lowers herself to the floor, turning her head at the last moment to avoid getting lipstick on her dress.

The term is also a vulgar slang term for oral sex.
"Betty-Jean did the most beautiful Texas Dip back there... and the one she did at the ball wasn't bad neither."
by Spectroscope Jones September 28, 2009
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