A male or female who is gay or bisexual.
Those two guys walking together look a little flipsy flopsy
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Jim: Yo, Helen was super pissed off today!
Ruthie: Don't worry flipsy and flopsy are just acting up again.
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When a woman's clitoris is engorged and naturally externally facing, so as to make her achieve orgasm from harmless activities.
"Myrtle was enjoying the waltz so much, I do believe she has the flipsy clit!"
When a person leaves a conversation abruptly without forewarning
Sawyer gave Matt the flipsy mississippi.