Combination of the phrase dip which means to bounce from a place abruptly, and Dublin referring to the Irish love for drinking.
Brandon: "I've got a better idea let's take all their shit first."
Danny: "Word time to pull the Dublin Dip, its in my blood."
partygoer 15 minutes later: "Yo doood where's my 30?"
Justin: OH FUCK THE COPS ARE HERE!!! Finna Dublin Dip out of this bitch!