This phrase is also used in the absence of girls that judge (see example 2) and "chip" can be used in its noun form to describe any tobacco product used for dipping. (see example 3)
Dude #1: Tryna snack a chip?
Dude #2: O aight.
Dude #3: Yo I'm down to snack a chip too.
Dude #1: Word.
Dude #2 (to the judging girls in the group): Hey, we're gonna bounce real quick, we'll be back in like a half hour.
Judging girl #1: Uhhh ok, see you guys later then...
Judging girl #2 (to the other girl, after dudes #1-3 leave): What weirdos...
Judging girl #1: Yeah tell me about it... I wanna fuck all of them though.
Judging girl #2: Same! .....Hey how about we at least fuck each other real quick while they eat?
Judging girl #1: yes. take me now you dirty slut
Example #2: (everyday form)
Dude #1: I'm wasted as shit and tweaking on adderall dude, we gotta snack a chip.
Dude #2: Yeah same, I'm definitely tryna snack a huge chip right now.
Dude #1: Word.
Example #3: (noun version of "chip", used as code or everyday form)
Dude #1: Wanna snack a chip?
Dude #2: Huh?
Dude #1: snack a chip... right here bro. (holds up mint skoal) get with it.
Dude #2: Oh true. But I don't like that kinda chip, you got any citrus or peach chips?
Dude #1: Hell no, you gonna man up or what?
Dude #2: fine.
(Judging girl #1 and #2 enter.)
Judging girl #1: Hey, you guys wanna fuck the shit out of us while you are snacking your chips?
Judging girl #2: pleeease, we will let you spit on us while we fuck...
Dude #1: fine, but we get to trade you sluts halfway through, and do an eiffel tower
(Judging girls nod and start sucking both dude's penises and get spit on for 20 minutes.)