The wingtip is a type of shoe with a hard tip on the toe, and the hiding place is ones ass. In coincidence with the phrase, "kick your ass"
Such as in the show Scrubs
Man: Hey Grandpa, a little help.
Dr. Kelso: Here you go, sport. But call me "Grandpa" again and you and I are going to play a little game called "hide the wingtip". There may be a generational gap here, I'll explain. The wingtip is my shoe, the hiding place is your ass.