pip

The saying goes, "Ain't that a pip?" A pip is something of large entertainment value, however it may not be of much consequence.
If something is laugh out loud hilarious, it's not a pip. Pips are smaller forms of hilarity. I'll try to use it in a scenario sometime.

Also: Potatoes in Panties and other strange circumstances.

"Ain't that a pip?"

"What exactly are you planning on doing once you've put the potatoes in your panties?"

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