The act of farting in a certain area, and then fleeing from the area in order to prevent the smell from following you. Usually used to prank others by forcing them to deal with a horrible smell. Also see fart and dart, shit and split, and crop dusting
Dude #1: "Dude! do you smell that?"
Dude #2: "Yeah! Someone got us big time with a severe Rip and Dip!"
When you ask someone who appears upset what's bothering them, but you underestimated the gravity of their problem and it ends up being quite serious, and you're unprepared to deal with it so you offer a halfhearted acknowledgement ("RIP") and leave as soon as possible (dip)
John: Hey Marley, you good?
Marley: No...My parents are getting divorced
John: oh... uh, RIP *leaves*
-later-
Sam: So you just left??
John: I didn't know how to react! I had to RIP n' dip !