A jip is another way of saying you didn't get what you expected. Example you paid $100.00 for a concert ticket and the concert gets cancelled with no refund. You lose $100.00 and now you've been jipped.
To ejaculate when you just can't hold it in anymore. To allow sperm to flow from the penis at a great speed and pressure. Often done to avoid long term damage to the testicle region.
"Hey man you look awful pale. You sure your feeling ok?". "Yeh I'll be fine once I release the jip"
or
"Jesus did you see the state of her face!" "no" "looks like someone just released the jip all over her"
completely forgetting someone's birthday but pretending like you didn't... but it's obvious you forgot. especially since you just wrapped up your stapler and tried to pass it off as the fab-u-lo-so gift of the year.
A chiefly Chezzie phrase (one that comes from Chesterfield, England) that can be used when something is sort of shocking.
Ben after sticking his finger in a socket: 'Well that gave a shock of a jip!'
Kyle after jumping into a cold pool: Bloody hell! That was cold enough to give a chuffin' shock of a jip!'