leaving the vicinity ASAP without looking back

can be used casually
"oh shit cops, DIPSET!!"

or

"My momdukes is callin I gotta dipset."
by Beevy Stee August 14, 2009
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Street gang hailing from Harlem, NYC. Known affiliation with the famous rap group 'The Diplomats'.
by Lord_Manni January 31, 2009
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to leave a scene

comes from drug dealers who leave their old place (dip out) when the cops start coming around, and start up business elsewhere (set up). dip out + set up = dipset

also the name of a rap group
yo my place got hot so I'mma dipset over to crenshaw ave next week
by heezgeez May 23, 2009
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A variable noun. Can be used in just about any situation. Most commonly used to reference male genitalia or a bump, divet or groove.
Man, Kenny you are trippin' on a dipset.
by rays11fan June 21, 2010
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DIPSET-them dudes is nice yo.
dipset is HOT yo juelz,killa cam.j.r writer,jim jones etc..them dudes is nice..i know sum out there hattin on them all them hatters fall back!!!
by DIZ CHICK March 18, 2006
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