The Collaborative International Dictionary of English v.0.48:

Dip \Dip\, v. t. [imp. & p. p. Dippedor Dipt (?); p. pr. &
   vb. n. Dipping.] [OE. dippen, duppen, AS. dyppan; akin to
   Dan. dyppe, Sw. doppa, and to AS. d?pan to baptize, OS.
   d?pian, D. doopen, G. taufen, Sw. d["o]pa, Goth. daupjan,
   Lith. dubus deep, hollow, OSlav. dupl? hollow, and to E.
   dive. Cf. Deep, Dive.]
   1. To plunge or immerse; especially, to put for a moment into
      a liquid; to insert into a fluid and withdraw again.
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            The priest shall dip his finger in the blood. --Lev.
                                                  iv. 6.
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            [Wat'ry fowl] now dip their pinions in the briny
            deep.                                 --Pope.
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            While the prime swallow dips his wing. --Tennyson.
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   2. To immerse for baptism; to baptize by immersion. --Book of
      Common Prayer. Fuller.
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   3. To wet, as if by immersing; to moisten. [Poetic]
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            A cold shuddering dew
            Dips me all o'er.                     --Milton.
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   4. To plunge or engage thoroughly in any affair.
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            He was . . . dipt in the rebellion of the Commons.
                                                  --Dryden.
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   5. To take out, by dipping a dipper, ladle, or other
      receptacle, into a fluid and removing a part; -- often
      with out; as, to dip water from a boiler; to dip out
      water.
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   6. To engage as a pledge; to mortgage. [Obs.]
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            Live on the use and never dip thy lands. --Dryden.
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   Dipped candle, a candle made by repeatedly dipping a wick
      in melted tallow.

   To dip snuff, to take snuff by rubbing it on the gums and
      teeth. [Southern U. S.]

   To dip the colors (Naut.), to lower the colors and return
      them to place; -- a form of naval salute.
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The Collaborative International Dictionary of English v.0.48:

Dipping \Dip"ping\, n.
   1. The act or process of immersing.
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   2. The act of inclining downward.
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   3. The act of lifting or moving a liquid with a dipper,
      ladle, or the like.
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   4. The process of cleaning or brightening sheet metal or
      metalware, esp. brass, by dipping it in acids, etc.
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   5. The practice of taking snuff by rubbing the teeth or gums
      with a stick or brush dipped in snuff. [U.S.]
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   Dipping needle, a magnetic needle suspended at its center
      of gravity, and moving freely in a vertical plane, so as
      to indicate on a graduated circle the magnetic dip or
      inclination.
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Moby Thesaurus II by Grady Ward, 1.0:

26 Moby Thesaurus words for "dipping":
   baptism, burial, declined, declining, declivate, declivitous,
   declivous, descending, dip, dousing, downgrade, downhill, dropping,
   duck, ducking, dunking, engulfment, falling, immergence, immersion,
   inundation, sinking, souse, sousing, submergence, submersion