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FLIP is a r̶a̶c̶i̶a̶l̶ ̶s̶l̶u̶r̶ compliment used to refer American-Born Filipinos . It is an acronym for F̶u̶c̶k̶i̶n̶g̶ ̶L̶i̶t̶t̶l̶e̶ Fine Looking Island People. It originated during WWII.
American: "You, FLIP!"
Filipino: "Thank you for the nice compliment!"
Like the word Jap, or Chink, "Flip," was originally created by American's, with the same intention to belittle people from an Asian nation. In this particular case, people from the Asian Pacific island nation the Philippines.
Flips like to eat fried fish.
Watered down appropriate version of the word "Fuck" and in close relation to "Frick"
"What the flip dude those are my goldfish"
When you and the homie tag team a female. Threesome.. Foursome. Originally used in the Detroit area
Yo man, I got this hunny that wants to get flipped. You down?
Someone who e-dates and doesn't respect the unwritten law "bros before hoes".
Dude, you know Justin? Yeah, he's e-dating that chick. What a flip.
That bitch, Shannon, was fucking up. I got them young boys to flip her.