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Dip Shank is an insult used mostly by elementary school students it basically means "Little pile of shit".
Shh you dip shank
The act of Shitting, Showering and Wanking, all in the one bathroom session.
“Man I can’t wait to get home from the festival and shank”
“Bro, you were in their for ages”
“yeah man I was shanking”
Driving 4 hours just to dump someone as harshly as possible then leaving
“Damn bro, you drove to dallas just to shank that bitch???”
“Yeah Bro, shanking her is my only option”
The act of wrapping up a towel then smaking someone with it.
Don't make me towel-shank you