1) Nickname given to any female named Lisa that is sexually promiscuous.
2) circa 1985, the nickname given to Lisa, the female defamed in the self-titled rap classic, "Lisa Lips" - performed by Brooklyn rap group, U.T.F.O. where she was negatively depicted as being sexually promiscuous yet unlike her other defamed contemporary, Roxanne ( the character from the song, "Roxanne Roxanne" - U.T.F.O. ), The REAL Lisa Lips was secure enough with herself to choice not to engage in battle rap and ignore the rumors.
"...she ain't nothing but a Lisa Lips."