1) The act of flipping hair.
2) The act of flipping hair to move on from a failed relationship, as suggested and depicted by Chris Crocker (several times) in his youtube video, The Hairflip.
Chick: I hate my ex, Chris, what do I do?!
Chris: If ya best friend stole ya man, say you know what? She can have my man but she cant have my hair extensions, and you flip that hair until that bitch is gone, outta your mind. It ain't no thang, it's a hairflip!