1. A state of being where a person declares himself on vacation as an excuse to be lazy and/or to avoid work.
2. Can also be used to define a very pleasurable period of time or experience.
Though orthography of the word may vary (sometimes the first "o" is an "a"), this is the most logical spelling.
"dipsoluscious vacation," is the product of the words "dipso" + "luscious." Dipso, meaning, "a person who has a compulsion to drink alcohol; a dipsomaniac," and luscious meaning a variety of things such as “richly appealing to the senses or the mind,” or “having strong sensual or sexual appeal.” These words harmonize together to establish the tone of the word to be euphoric in nature.
Lois: Peter, tomorrow's Christmas Eve and you still haven't gotten us a tree.
Peter: Lois, I told you I'm on dipsoluscious vacation. What part of that don't you understand?
Larry: Two more days of school left!
Greggo: Sweet, summer will be 3ish months of non-stop dipsoluscious vacation!