Gibbs caught Steve Waugh in a Super Six match at Headingley when the Australian skipper had made 56 but the ball slipped out of his hands as he started to celebrate.
Waugh was off the hook and he went on to make a match-winning 120.
"People still ask me about that drop' to Steve Waugh in the 1999 World Cup. The truth is, it doesn't haunt me as I've been chirped about it for a long time," said Gibbs who is about to begin his third World Cup.
Australia won that match by five wickets and then went to become champions after they tied their semi-final against South Africa but were declared the winners on countback.
"I still remember the Super Six match very well because I got a really good hundred. But losing that game set up the most exciting game of all, one of the most exciting games in any World Cup.
"Everybody remembers that semi-final and what a cracker of a game it was."
South Africa have endured a traumatic relationship with the World Cup.
In 1992, they lost a semi-final to England after the rain rules conspired to defeat them while the rain returned to condemn them to another defeat on home soil against Sri Lanka in 2003.
"Hopefully this World Cup is going to be third time lucky for me," Gibbs told www.bigstarcricket.com.
"We've come here with a lot of confidence, a lot of belief and with a bit of luck I think we can maybe turn the corner this time. We'll keep our fingers crossed."
Gibbs believes that South Africa will not buckle under the pressure of being the new world number one team having deposed world champions Australia from the top spot.
"It's nice to come to the World Cup as the world's top one-day team," said Gibbs who has amassed 6,356 one-day runs in 198 matcbes with 16 centuries.
"Reaching number one was something we have worked towards in the last two years and it's quite flattering and complimentary for all the hard work we have put in over the last couple of years.
"We've basically had the same squad and although it's just a position it means that all our efforts have been rewarded with the number one ranking.
"However, although it's good for confidence, coming into a tournament like this it means nothing because it is such a wide-open World Cup this time and everybody's got a crack at it."