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Dump the clip is either a action or a command.

As an action, it means emptying a clip from a gun by shooting all the rounds into something (or someone).

As a command, it means to shoot at something, however, it does not necessarily mean shooting all rounds.
"The crackhead pulled a knife on me so dumped the clip on him."

"Holy shit! That guy has a gun! Dump the clip!"
by TheManikin December 21, 2008
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