It basically is a Sarcastic way to Say
"Really, I didnt Know that"
Marcus: "Did you know Jamie wore a Blue dress today?"
Jakie: "No Dip Sherlock, She is in my class."
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A phrase to use to when someone tells you something that is already obvious.
Someone: You know that penguins cannot fly, right?
Me: NA DIP SHERLOCK!
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Something you tell someone who states the obvious. More school friendly.
Similar:
No shit! (Less school friendly).
Example:
Guy 1: Hey! It's freaking cold as heck out here!
Guy 2: Well no dip Sherlock Holmes!
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