When you have a whip that is so clean and smooth that when you drive it you feel like your gliding on ice! Anyone watching will just stare in amazement!
Jeff: Hey whatcha doin tonight nigga? Jon: I'm icewater whippin dawg what about u?
Putting ice into your warm cocaine and baking soda concoction to cool it it down, and cause coagulation between the elements included. aka cooling down soon to be crack/base. It can also be considered whipping ice into the concoction, much like you would whip cake batter.
Im shitting bricks, nigga. My momma caught me icewater whippin and i couldnt lie to her cuz it smelled hella base, nigga.