This term means $1000 this term is used mostly by people from Detroit for example : rapper T-Grizzly used this term in is song (2 vaults) saying āraffsimons cast me 5 slipsā
To fuck up, screw up, mess up, fail, or lose at anything and everything. Total and utter failure, to be compared with epic fail. The opposite of being pwned, where slippage is the opposite of pwnage.