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It means SLEEP In Peace when used in replace of RIP.
S.I.P. Michael Jackson, gone but not forgotten.
s.i.p. by NycQueen March 12, 2017
Stands for Slut in progress.

Can be used in multiple different ways.

When someone’s doing something slutty.
Person 1: Did you see Becky go with Liam?
Person 2: Yeah we know that’s a S.I.P.
S.I.P by Jlackey11 June 11, 2018
sleep in paradise

used to show condolences to someone after a loved one has passed

often used in texting

similar to R.I.P (rest in peace)
my sister passed away today
“S.I.P”
S.I.P by blackmoney0718 March 10, 2023

S.I.P.A.A.S. 

Scientifically

Illiterate

People

Arguing

Against
Science
I had to walk away from my coworker because he was a complete S.I.P.A.A.S.

T.S.I.P. 

While watching him get married all his friends could think was T.S.I.P.
T.S.I.P. by Discgolfer98 August 5, 2018