If you are fighting a thief who has cheapshot, and they are successfully tripping you, and cheapshot is firing on every trip, and neither party has any other affect on them (voker shields, haste, accellerate, whatever), is is possible to wimpy out of the cheapshot lag? If so, how would this happen?

No. Pretty much the whole reason why thieves are just scary in the right situations. If you land a cheap shot (thief or orc) on a trip/bash, the receiving party has no chance to wimpy. Pretty much think of wimpy being an automatic command that can go through about half a second before you could type it. If you have NO chance to type flee and get away...you're pretty much SOL.