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dip (v.)

Old English dyppan "to plunge or immerse temporarily in water, to baptize by immersion," from Proto-Germanic *daupejanan (source also of Old Norse deypa "to dip," Danish døbe "to baptize," Old Frisian depa, Dutch dopen, German taufen, Gothic daupjan "to baptize"), related to Old English diepan "immerse, dip," and probably a causative of Proto-Germanic *deup- "deep" (see deep (adj.)).

Intransitive sense of "plunge into water or other liquid" and transferred sense "to sink or drop down a short way" are from late 14c. From c. 1600 as "to raise or take up by a dipping action;" from 1660s as "to incline downward;" from 1776 as "to lower and raise (a flag, etc.) as if by immersing."

dip (n.1)

1590s, "act of dipping," from dip (v.). Sense of "a downward slope" is by 1708. Meaning "liquid into which something is to be dipped" is attested by 1825, in 19c. especially "sweet sauce for pudding, etc.," also "juices and fat left after cooking meat." The sense "thick, savory sauce for dunking pieces of raw vegetables" (by 1962) is probably a modern re-coinage.

dip (n.2)

"stupid person, eccentric person," 1920s slang, perhaps a back-formation from dippy. "Dipshit is an emphatic form of dip (2); dipstick may be a euphemism or may reflect putative dipstick 'penis' " [DAS].

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Definitions of dip from WordNet
1
dip (v.)
immerse briefly into a liquid so as to wet, coat, or saturate;
dip the brush into the paint
dip the garment into the cleaning solution
Synonyms: dunk / souse / plunge / douse
dip (v.)
dip into a liquid while eating;
Synonyms: dunk
dip (v.)
go down momentarily;
Prices dipped
dip (v.)
stain an object by immersing it in a liquid;
dip (v.)
take a small amount from;
I had to dip into my savings to buy him this present
dip (v.)
switch (a car's headlights) from a higher to a lower beam;
Synonyms: dim
dip (v.)
lower briefly;
She dipped her knee
dip (v.)
appear to move downward;
The sun dipped below the horizon
Synonyms: sink
dip (v.)
slope downwards;
Our property dips towards the river
dip (v.)
dip into a liquid;
He dipped into the pool
Synonyms: douse / duck
dip (v.)
place (candle wicks) into hot, liquid wax;
dip (v.)
immerse in a disinfectant solution;
dip the sheep
dip (v.)
plunge (one's hand or a receptacle) into a container;
He dipped into his pocket
dip (v.)
scoop up by plunging one's hand or a ladle below the surface;
dip water out of a container
2
dip (n.)
a depression in an otherwise level surface;
there was a dip in the road
dip (n.)
(physics) the angle that a magnetic needle makes with the plane of the horizon;
Synonyms: angle of dip / magnetic dip / magnetic inclination / inclination
dip (n.)
a thief who steals from the pockets or purses of others in public places;
Synonyms: pickpocket / cutpurse
dip (n.)
tasty mixture or liquid into which bite-sized foods are dipped;
dip (n.)
a brief immersion;
dip (n.)
a sudden sharp decrease in some quantity;
a dip in prices
Synonyms: drop / fall / free fall
dip (n.)
a candle that is made by repeated dipping in a pool of wax or tallow;
dip (n.)
a brief swim in water;
Synonyms: plunge
dip (n.)
a gymnastic exercise on the parallel bars in which the body is lowered and raised by bending and straightening the arms;
From wordnet.princeton.edu