There once was a man named the Bingus. He was no good at all, so we kicked him so hard he shot into the stratosphere, and now he's in orbit somewhere.
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When you first enter the Dipshit Cave, you won't have enough Cool Points to enter the Party Room to the right, so ignore it for now and go left, following the path indicated in red on the map above. Then, you can engage the boss.
Because of its tricky RNG, the Slamtilt can potentially wipe you on the first turn.
Before fighting the Slamtilt, make sure you have an empty inventory slot. In earlier revisions of the game, the key item would disappear if the inventory is full.