People..come on now...what a load of malarky! There are resources on the 'net that will quickly debunk this inane defination...RIP has existed WAAAYYY before the RIAA had anything to say about it.
RIP comes from the Pre-Press industry...these are the people who make magazines and such...they re-produce images from the original using a method called <R>aster <I>mage <P>rocessor. Hence RIP.
This is a method in which an original is converted to digital as a copy method. Predominantly, from an analog original to a digital copy.
This method was adapted when analog CD music recordings were copied to a digital format such as wav, aiff or mp3. For the lack of other terminology, the same acronym was used for this. So, the act of RIPing a CD means to take an analog recording and store it as a copy in digital format (usually in lesser quality than the original...As a rule, digital will ALWAYS be lower quality than analog...always...)
So, there you have it...
The term for understanding the origins of words is called etymology...Google on that and you'll find many resources for any word you want. A good place to start is the wikipedia...it has everything...