Could refer to several things:
1. When a character that is wet begins to dry off by losing water off their body and hair.
2. When something is melting and the liquid is dripping off it. Popularly associated with popsicles as a sexually suggestive image.
3. Vaginal or seminal fluid slowly secreting out due to sexual arousal.
4. While blood seeping out of a wound is called bleeding, if the blood is dripping off the skin it can count as well.
5. The act of dripping any type of liquid onto a person.