(nip) v. nipped, nip·ping v.t.
1. To compress tightly between two surfaces or points; squeeze; bite.
2. To sever or remove by pinching or clipping, as shoots.
3. To check or destroy the growth or development of.
4. To affect painfully or injuriously; benumb: said of cold
5. Slang To steal; pilfer.
6. Slang To snatch; take.
—v.i.
7. Brit. Colloq. To move nimbly or rapidly: with off, away, in, etc.
—noun
1. The act of compressing sharply.
2. A biting, pinching, or clipping off; also, whatever is pinched off; hence, a pinch.
3. A sudden blight, as by frost.
4. A sharp saying; cutting remark; gibe. [Cf. Du. nijpen nip]

(nip) noun
A small dram, especially of strong drink.
—v.t. & v.i. To drink (liquor) in sips. [<earlier nipperkin, measure holding about a half pint]