This phrase is used to make it known that one has succeeded in one's goal or act. More or less to achieve any type of Ownage involving their opponents or daily obstacles in life.
This term can also be used as a question to clarify if any type of success had taken place.
For ex. Rippin Shits????
Also emphasizing the term describes your achievement level of success.
"Rippin Shits." as opposed to "RRRRIIIPPPPPPIINNN SSHHHIITTTSSSS!" are two different levels of achievement that can be obtained through owning.
Ex.1) ("Rippin Shits" used in a sentence)
Jeff - "Yo kid...I got a B+ on my exam dude.
Bill - "Rippin shits?"
Jeff's reply - "Rippppiiin Shitsss!"
Ex.2) (An example of Rippin Shits)
Bill just demon-cupped some pussy and now he has to do a naked lap! This situation is a Rippppiinnn Shhhitttsss! moment.
(Rippin shits' achievement level is high because a demon cup is a difficult shot to achieve in Beer Pong unless you are Al D.)
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)