i got an '04 ep3 with about 55k on it and i was wondering if it would be safe to drop it like an inch and a half without anything blowing or chances of being damaged.

 

55k and you can pretty much bet that the stock shocks are worn out. Your ride will be bouncy, but it really won't hurt anything.

The only thing I'd worry about is what normally happens with worn out shocks: Stopping distance decreases, handling is poor, ride is crap, etc.

 

Your shocks will most likely go out within a year or two after installation. There are guys on ephatch that have been dropped that much for a while and havnt had anything go wrong yet.

So nothing would happen now but if you have the money, buy a decent set of shocks like the tokico d-specs