The Collaborative International Dictionary of English v.0.48:

Dipsey \Dip"sey\, Dipsie \Dip"sie\, Dipsy \Dip"sy\, a.
   Deep-sea; as, a dipsey line; a dipsy lead. [Sailor's Cant]
   [Webster 1913 Suppl.] Dipsie
   Dipsey

The Collaborative International Dictionary of English v.0.48:

Dipsey \Dip"sey\, Dipsie \Dip"sie\, Dipsy \Dip"sy\, n.
   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.]
      [Webster 1913 Suppl.]

   2. (Naut.) A deep-sea lead. [Rare]
      [Webster 1913 Suppl.]