It has a number of different meanings. It could mean:
1. to dance quickly and in an exaggerated, silly way
2. to generally get crazy, and/or do out-of-control, dumb things
3. to party hard
4. to get hyperactive, overly-energetic
5. to get aggressive
Getting hyphy would probably be mentioned in a conversation about the crazy stuff you did last weekend.
Kylie: Man, the peeps got so hyphy at my house last weekend. My kitchen is covered in beer bottles.
Sydni: Yeah, it was insane. But did you see how Christian was getting hyphy? I love his moves.
Kylie: Yeah, I just wish he wouldn't knock over beer bottles and stuff when he's doin' 'em.
Sydni: Yeah, well, he didn't get hyphy like Kyle. Did you see he almost got into a fight with Dave?
Kylie: He was way hyphy, girl. Dude's a caffeine addict and who knows what other stuff he was taking.
Sydni: Meh, whatever. It was cool kickin' it at your place this time, but next weekend I want to go that new club, Sunset. Folks gettin' hella hyphy there, and ladies get in free.
Kylie: Girl, let's go! I'm down. And then I won't have to worry about dudes breaking my furniture with their dance moves.
“Hyphy” first officially appeared as a slang term on Bay Area rapper Sneak da Keak's album. Literally speaking, “hyphy” simply means hyperactive. The concept of “getting hyphy” started in the early 90s, and became popular in the late 90s and 2000s. It is related to the hip-hop culture specific to the Bay Area, and generally used by people in their 30s or younger.
Scweez and Mistah Fab sing “In the bay they gettin' hyphy, stupid dumb and hyphy” in “Stupid dumb and hyphy” on the Stupid Dumb Hyphy Stack Music CD (2006).