(Any Part of Speech) To act in an extraordinary manor (or be extraordinary), so extraordinary that one could be comparable to the members of the ORA (Official Rippers of America).
(Ripping cannot be chalked up into a single deffiniton, it holds many a meaning and that is the beauty).
A commonly used word either used to represent a ripping sound, or an abbreviation meaning 'Rest In Peace'. It is also used in the context of lol, as it has more variation and can be used in social situations without offense.
"Jim my cat just did a flip". "Rip, maybe you can train it to be an acrobat now"