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1.
when a man calls 'dibs' on a woman, the undib is used to undo the dib when a better offer comes along or new information on said woman comes to light
"yo dude, you see that dime over there? i completely undib Kelly for her"

or

"hey man, you might want to undib that girl, bro. Turns out she's your first cousin"
by Eschenbach and Puchley March 30, 2008
 
2.
A saying when someone doesn't like something or want to do something.
Person1: My mom is making me clean the toilet.
Person2: Undibs
by Kylebivens91 April 29, 2011