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It's a "slur" against Japanese people or people of Japanese descent. It derives from the romanized Japanese word for Japan, Nippon.
The Japanese bombed Pearl Harbor! Let's take out those damn nips!
Not (non) important person(people).A South African slang which is the opposite of VIP.
Of course you can't go through,you are one of the NIPs
a small amount of weed from 1 gram to under 0.5 grams
Oh fuck i only got a nip left in my bag
When your penis in between too tits and move back and forth
To be drunk beyond comprehension
Are you getting off your nips tonight?
Martin was so off his nips he pissed the bed last night.