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1.
When a girl dips her nipple into some sort of dipping sauce, and have a male (or female) lick it off.
"Hey, Charlotte lets go nip dip in some ketchup, and have steve and joe lick it off!"
by Adam and Lenny September 03, 2006
 
2.
a no regret entry into a cold lake
connor took a veritable nip dip in an alberta lake in may
by Kirsten Reich May 19, 2008
 
3.
A flavored dip used on the nipples during sex which enhances sexual pleasure.
My favorite nipdip is chocolate.
by John kizdiz February 19, 2008