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as in liposuction i.e. the removal of fat but used in regards to the removal or draining of fact and or substance from any given situation.
"Did you read that article about that congressman, man they totally lipoed the truth."

"They did a rewrite of my character and he ended up so lipoed, he was irrelevant to the story"

"The long weekend lipoed my bank account, I'm broke!"

"..then he woke up, and the bitch lipoed the apartment, Dude it was all gone!"
by Gummer Stumps October 08, 2010
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