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I did a double-take when I saw this on CNN just now. To my surprise there were 31 b.g.c hits. All of them support the sense I define here, which is clearly not quite the sense in the CNN headline.

A perfect case of, "With dozens of b.g.c. hits, there's almost certainly something there (unless it's all scannos), but not necessarily what you were looking for.

The CNN headline sense is probably supportable as well, but not by b.g.c. -dmh 16:18, 24 January 2007 (UTC)

This basically carries most of the informal senses of insane, but not the legal or clinical ones (of course). So a ripshit video game is insane in the colloquial sense of "intensely cool". However, you could say the same about batshit, which is clearly not the same as ripshit. Someone who's batshit might have a nice, polite conversation with their refrigerator. Someone who's ripshit would more likely be screaming at it (or more likely, screaming at a live person). "Rip" connotes intensity. "Bat" connotes, well, flightiness.
Most likely apeshit is closest, but there are probably different connotations here, as well. -dmh 16:47, 24 January 2007 (UTC)
CNN has since changed the word in the headline to rips**t. -dmh 21:37, 25 January 2007 (UTC)