Webster's English Dictionary

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nip

1. nip \'nip\ vb or nipped;  or nip.ping [ME nippen; akin to ON hnippa to 
   prod, Gk konis ashes - mor]e at INCINERATE 1: to catch hold of and squeeze 
   tightly between two surfaces, edges, or po ints : PINCH 2a: to sever by or 
   as if by pinching sharply  2b: to destroy the growth, progress, maturing, 
   or fulfillment of {nip ped in the bud} 2c: to check sharply  3: to injure 
   or make numb with cold : CHILL  4: SNATCH, STEAL  chiefly Brit  : to move 
   briskly, nimbly, or quickly 
2. nip n 1: something that nips : as  1a: a sharp biting comment  1b: a 
   sharp stinging cold  1c: a biting or pungent flavor : TANG  2: the act of 
   nipping : PINCH, BITE  3: a small portion : BIT 
3. nip n [prob. fr. nipperkin (a liquor container)] : a small quantity of 
   liquor : SIP 
4. nip vi or nipped;  or nip.ping : to take liquor in nips : TIPPLE