The pin dip is an effective way to do dips even if you don't have a dip station. As a bonus, it beats the standard dip when you're looking to build the traps, target the front delts, or get more work on your triceps. The wide grip also changes the angle to stimulate new chest growth.
Set up in the rack with the pins a little higher than your waist. Go straight down on your dips. You know you're doing it correctly when you feel it in your traps.