1. A term to refer to anything that is beyond ghetto. Too ghetto to be ghetto.
2. To be of especially crappy quality, jury-rigged to the point that the danger of its use outweighs the benefits of its intended purpose.
3. To refer to someone that is especially shady. Usually used to refer to crackheads and homeless bums, but can be a catchall for anyone that would classify as ghetto.
4. To really fuck something up or to be a fuck-up.
5. A situation that would be described as sketchy and questionable in legality.
2. Dude, that electrical job is fuckin' gippo. It's gonna kill someone!
3. Dude, the people in this club are a bunch of gippos.
4. YOU FUCKING GIPPO!
5. We rented a suite in Vegas, and put up 20 dudes in there. It was so gippo.