(1) Converting an audio CD from its native CD-DA format to MP3, AAC, FLAC or other compressed audio format.  The term was coined with a counterculture inference, because many tech-savvy people loved the idea they were "ripping off" the music industry by making copyrighted works available in a compact format that could be quickly downloaded over the Internet.  Ripping is also called "importing."  See 
CD-DA, 
MP3, 
AAC, 
FLAC, 
codec examples and 
import.
(2) Decrypting a DVD movie and storing it on a storage drive.  Ripping a DVD does not result in a smaller, compressed version of the original as it does with audio files.  See 
DeCSS.
(3) Converting an analog recording to a digital format.  See 
VHS ripping, 
USB turntable and 
cassette ripping.
(4) Using a raster image processor, which prepares a page for display or printing.  See 
RIP.