The Collaborative International Dictionary of English v.0.48:

Dripping \Drip"ping\, n.
   1. A falling in drops, or the sound so made.
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   2. That which falls in drops, as fat from meat in roasting.
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   Dripping pan, a pan for receiving the fat which drips from
      meat in roasting.
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The Collaborative International Dictionary of English v.0.48:

Drip \Drip\, v. i. [imp. & p. p. Drippedor Dript; p. pr. &
   vb. n. Dripping.] [Akin to LG. drippen, Dan. dryppe, from a
   noun. See Drop.]
   1. To fall in drops; as, water drips from the eaves.
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   2. To let fall drops of moisture or liquid; as, a wet garment
      drips.
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            The dark round of the dripping wheel. --Tennyson.
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WordNet (r) 3.0 (2006):

dripping
    adv 1: extremely wet; "dripping wet"; "soaking wet" [syn:
           soaking, sopping, dripping]
    n 1: a liquid (as water) that flows in drops (as from the eaves
         of house) [syn: dripping, drippage]
    2: the sound of a liquid falling drop by drop; "the constant
       sound of dripping irritated him" [syn: drip, dripping]