1. Describes someone who you really wish would shut up for once
2. Describes someone who excels at keeping secrets and being quiet when they need to be.
(Definition 1)
Dave: Man, Randy really won't shut up will he? He shares way too much information!
Bill: Yeah, he's such a Zippermouth
(Definition 2)
Craig: Are you sure I can trust you with this?
Daniel: Of course, I'm quiet as a Zippermouth, nothing comes out of here unless I want it to.