despite popular believe that the actual meaning is unknown, it is a fairly simple concept
dipset: to be ready and "set" to "dip" or leave
most people use the word as they leave a scene, but as the definition suggest it should be used several minutes before and only as an answer (see below)
paul: are you ready to dip ?
me: no, i gotta jerk one into this girls earpussy before we go
(10 minutes later)
paul: you done yet ?
me: yup, im all dipset
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