n. a drinking bout. (See also tear.) : Fred had another rip last night. He's rotten now.
n. the loot from a rip-off. : Give him some of the rip and tell him to beat it.
n. a theft; a rip-off. : The crooks pulled a rip on Fourth Street last night.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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American Heritage
Idioms & Phrases
rip
In addition to the idioms beginning with rip, also see let it rip.