This word can mean a lot of things. One definition for bipped is when you're sold fake or bad drugs. If you're a crackhead, and you pay ten dollars for a rock, but it turns out to be walnut meat cut up to look like crack, then you got bipped.
"Say, homey, did you get our crack?"
"Yeah, but when I put it in the pipe, it just burned up. I think we got bipped."