Entry 3 senses · 2 variants Webster, 1913 Dipsey · Dip·sey · IPA a. n. 01 a. Deep-sea; as, a dipsey line; a dipsy lead. 1. Deep-sea; as, a dipsey line; a dipsy lead.[Sailor's Cant] 02 n. A sinker attached to a fishing line; also, a line having several branches, each with such a sinker, used in deep-sea fishing. 1. A sinker attached to a fishing line; also, a line having several branches, each with such a sinker, used in deep-sea fishing.[Local, U. S.] 2. A deep-sea lead.(Naut.) [Rare]