A term of great excitement or happiness. If something good goes your way, it is very chip. If something negative happens it lacks chip.
Robb: "Dude I so pwned that nub!"
Brian: "OMG that is so chip!"
Brian: "Dude I just won the lottery!"
Brian: "yeah, Yeah, YEAH!...."
Robb: "uh, chip!?"
Brian: "Hell ya boyeee!"
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