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Used when things are going well.
Ex 1:
(all the time)
Homeless: DIPSET
Jillian: DIPSET

Ex 2:
(just found money)
Homeless: Oh jeez....
Jillian: Oh DIPSET
Dipset by Buddy the Elf December 30, 2005
running really fast to get away from somebody
i had to dipset when i seen the cops because i was a run-a-way
dipset by carlton werner June 19, 2004
it is some sort of dance where ugly girls who think they are hott do some "dip" while shaking their ass and whistling.
Dipset Lady: "Yo chek me out, check out my dipset!!" *whistles*
PLaya: "you mad ugly."
dipset by Tayksais December 28, 2005
A code word used in the act of shoplifting to initiate an exit.
directions:

after stealing two zebra cakes, you find your friend in the isle. swiftly walk past them, and spit it.

you: dude, let's dipset.

s/he will know exactly what's going down. get outta that store and get those cakes in your belly!
dipset by dopeset May 25, 2009
Having you daily supply of snuff, or other smokeless tobacco product.
Ethan: Yo man, are you dipset for after school?
Tyler: No man, I'm fresh out of cope! I was hoping you could spot me a lip?
Ethan: Damn Son! I ain't puff n' snuff!!
dipset by Snuffy McDipset October 25, 2011
yo that hoe you chill with is a dipset
dipset by cash money brown June 11, 2006