despite popular believe that the actual meaning is unknown, it is a fairly simple concept

dipset: to be ready and "set" to "dip" or leave

most people use the word as they leave a scene, but as the definition suggest it should be used several minutes before and only as an answer (see below)
paul: are you ready to dip ?

me: no, i gotta jerk one into this girls earpussy before we go

(10 minutes later)

paul: you done yet ?

me: yup, im all dipset
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A trio or set of dips one might purchase for a party or sporting event. Such sets of dip usually include French onion, garden vegetable or even spinach. Most dipsets are usually quite enjoyable, and go great with chips.
Tom: "Honey, what should I bring to the game?"
Gladys: "Why don't you get one of those nice dipsets, you know, for the chips?"
by 24to7nine March 18, 2008
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Multiple codefendants absconding from a crime scene simultaneously. Also when your gang dips out the back door when either the cops or a rival gang arrives in greater numbers. Also when more than one guy simultaneously dips out the back door after "tag teaming a bitch." Sometimes at the same time, sometimes a coin is flipped to determine who has to deal with coyote arm.
"Dayum nigga, that was a dipset."
"Yea close one nigga."
by bring a diapa May 31, 2009
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yo i'm ready to dipset
by killa07 November 10, 2005
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Any form of leaving or being moved. Something can be dipset, someone can dipset.
Guy (if leaving): I've got to dipset, I hear the police.

Guy (broke a glass): I was running, I hit the table, and that glass dipset to the floor.

Guy (if someone fell): That dude just dipset to the ground!

Guy (if breaking up with a girl):She's not right, I've got to dipset on that relationship!
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AKA The Diplomats.

Its what happens when crack babies and ritalin children grow up.
"Mom? Can I grow up to be a rapper?"
'No, Billy, because you don't know how to rhyme.'
"Oh mom! Don't be silly! I can just be like dipset."
by gooberliberation April 20, 2006
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