A term of great excitement or happiness. If something good goes your way, it is very chip. If something negative happens it lacks chip.
Robb: "Dude I so pwned that nub!"
Brian: "OMG that is so chip!"

Brian: "Dude I just won the lottery!"
Robb: "CHIP!"

Brian: "yeah, Yeah, YEAH!...."
Robb: "uh, chip!?"
Brian: "Hell ya boyeee!"
by SpikeisGrand December 05, 2007
If something is chips, it's okay, if something isn't chips, it's not okay. That's that.
Timmy: "OWW THAT CHICK JUST PINCHED MY BALLS!"
Me: "That's just not chips, mate."
by "P Nizzle" February 16, 2010
A quick hit, usually to the face or chin. To punch or jab someone.
Yo I swear da next time I see dat nigga imma chip him
by jerz nigga March 25, 2009
the dried feces stuck to the tip of the penis after unprotected anal sex
when jerry finally pulled out, he had chip on his tip
by scuttlebutt March 06, 2008
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