Shortified version of saying "fuck your ugly ass you bull fucking shit". It is a more intense version of saying "bfs" which stands for"bull fucking shit". Some may even say that it is cooler, hence the name "drippy" bfs. Kind of acts like a triple swear.
Person 1: dude you are like soo lame you drippy bfs
Bro!! Serra rode your dick so hard when she gave you that lap dance, she gave you a drippy spicket!
-or-
The pullout method doesn't always work, sometimes all it takes is the drippy spicket.