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dip set is a shortened word for the music group The Diplomats. It can also be used to say that your leaving somewhere.
"I'm about to Dip Set"
or "those n*ggas just dip setted on us"
dipset is a mantra used by a those who perform intercity "diplomatic" functions in the context of large gangs, e.g., Harlem, Southside Chicago, Crips, Bloods, etc; a group representing and speaking for multiple gangs and neighborhoods
The song "Dipset Anthem" combines the voices of two men with different backing, Juelz Santana and Cam'ron
let us dipset with ali and wayne
...Who you wit, wit, throw up yo set.
Dip Set, Dip Set, Dip Set wat?
A group of friends from harlem, NY that rap.
The shortened version of the diplomats set.
(person1) Yo, i saw the diplomats in concert in Harlem last week.
(person2) Yea i was there too, i love dipset