A dip shit means that the person is a stupid and inept or contemptible person.
An example of a dip shit would be a teen bully in your town or class who causes you a lot of problems and tries to ruin your life and make fun of you.
Those teens would be considered dip shits as they are stupid and incompetent and assholes.
Dip Shit is a slang term to describe assholes, bullies, contemptible and inept people.
Another example of a dip shit would be a tyrant cop or acts like a smart ass thinking just because he's a cop that he can tell you what to do and you have to listen to everything he says.
In reality you only have to do what a cop tells you to do if it's an actual lawful order or if you have actually committed a crime.
Until you commit a crime or are actually being investigated for a crime the cop has no authority over you and cannot tell you what to do.
Some ways to use dip shit in a sentence are.
There are twelve guys with knives in the kitchen, dip shit.
Who the hell is this dip shit? Said the other chief when he saw my thin folder.
Who the hell is this dip shit? Said the other guy when he saw the dip shit approaching.