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The occasion when a very drunk person tries to convince everyone that he's perfectly fine. He wobbles around, person to person, explaining to each one that he is "definitely more than tipsy," but he is "NOT wasted." He's "twipsy!" He is so drunk that he somehow thinks that, by combining the word tipsy with ONLY the 'w' from "wasted," people will realize that he is most definitely not even close to being wasted. In reality, he's hammered enough to come up with a word as absurd as "twipsy," with a whole logical explanation to the word in his head, which makes perfect sense to him.
Dick: "Yo dudeeeeee! I am soooo tipsy right now, but I'm DEFINITELY not even close to being wasted! I'm..I'm..TWIPSY!!!!!"
Steve: "Dickey, go home, you're hammered."

Friend 1: "Yo man, how drunk are you?"
Friend 2: "I'm so twipsy. I shouldn't have had that last drink."
Friend 1: "Shit dude, I'm sorry. I should have stopped you."
Friend 2: "It's all good man! I'm loving it!"
by twips4lyfe October 27, 2013
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