The Collaborative International Dictionary of English v.0.48:

Rip \Rip\, v. t. [imp. & p. p. Ripped; p. pr. & vb. n.
   Ripping.] [Cf. AS. r[=y]pan, also Sw. repa to ripple flax,
   D. repelen, G. reffen, riffeln, and E. raff, raffle. Cf.
   Raff, Ripple of flax.]
   1. To divide or separate the parts of, by cutting or tearing;
      to tear or cut open or off; to tear off or out by
      violence; as, to rip a garment by cutting the stitches; to
      rip off the skin of a beast; to rip up a floor; --
      commonly used with up, open, off.
      [1913 Webster]

   2. To get by, or as by, cutting or tearing.
      [1913 Webster]

            He 'll rip the fatal secret from her heart.
                                                  --Granville.
      [1913 Webster]

   3. To tear up for search or disclosure, or for alteration; to
      search to the bottom; to discover; to disclose; -- usually
      with up.
      [1913 Webster]

            They ripped up all that had been done from the
            beginning of the rebellion.           --Clarendon.
      [1913 Webster]

            For brethern to debate and rip up their falling out
            in the ear of a common enemy . . . is neither wise
            nor comely.                           --Milton.
      [1913 Webster]

   4. To saw (wood) lengthwise of the grain or fiber.
      [1913 Webster]

   Ripping chisel (Carp.), a crooked chisel for cleaning out
      mortises. --Knight.

   Ripping iron. (Shipbuilding) Same as Ravehook.

   Ripping saw. (Carp.) See Ripsaw.

   To rip out, to rap out, to utter hastily and violently; as,
      to rip out an oath. [Colloq.] See To rap out, under
      Rap, v. t.
      [1913 Webster]

WordNet (r) 3.0 (2006):

ripping
    adj 1: resembling a sound of violent tearing as of something
           ripped apart or lightning splitting a tree; "the tree
           split with a great ripping sound"; "heard a rending roar
           as the crowd surged forward" [syn: rending, ripping,
           splitting]

Moby Thesaurus II by Grady Ward, 1.0:

90 Moby Thesaurus words for "ripping":
   OK, abscission, ace-high, amputation, bad, bang-up, bonzer, boss,
   bully, but good, butchering, chopping, claim, cleavage, cool,
   corking, crackerjack, cutting, dandy, delicious, demand, dichotomy,
   divine, ducky, enucleation, exaction, excellent, excision,
   exciting, extortion, fab, fine, fine and dandy, fission, gear,
   glorious, great, groovy, heavy, hot, hunky-dory, jam-up,
   just dandy, keen, laceration, marvy, mean, mutilation, neat, nifty,
   nobby, okay, out of sight, peachy, peachy-keen, rending, resection,
   rum, scission, scrumptious, section, sensational, severance,
   slap-up, slashing, slicing, smashing, solid, something else,
   spiffing, spiffy, splendid, splitting, stirring, stunning, super,
   surgery, swell, tearing, terrific, thrilling, tough, wizard,
   wonderful, wrench, wrenching, wrest, wresting, wring, wringing