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Acronym for the phrase "I'll pimp slap you." Most commonly used online and in text messages. Often a reaction to something dumb, unrealistic or crazy. Despite it's aggressive tone, this phrase has a friendly tone when used among people familiar with each other.
Maria: "So he liked antique shopping, I didn't think he was gay!"
Jose: "Are you kidding me? IPSY!"

Jose: "I've got hoes in different area codes!"
Maria: "Different area codes? How many?"
Jose: "Four!"
Maria: "IPSY!"
ipsy by proshuffler January 20, 2009
Related Words

Ipsy-tootsy 

Easy; ridiculously easy
In the video they make it look ipsy-tootsy, but in real life it's super hard.
Ipsy-tootsy by Bear89 June 2, 2022