1. A significant other, other than your significant other.
2. To leave abruptly(get ghost, get little, E.T.C.)
Both words are Mid Western originated words. Meaning to meet, mingle, or rendevous with another person(hoe,Slut Bustdown{girl next door} other than your wife, boyfriend,E.T.C. The second term comes in play when the location of the rendevous is not immediately if ever exposed.
My girl was aggravating me so I called my dip and said whats good.
In about an hour we dipped off for the rest off the night.