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Tip Slip 

When the tip of the phallus protrudes through a article of clothing worn in the leg region; When the tip of the penis sticks out of the band of male underwear when they have an erection. Popular examples coined by Daniel Avidan from the popular Youtube channel Game Grumps.
Part 4 of the Bloodborn Walkthrough on Game Grumps (Death Barf) Danny- "My friends and I created a new um, a new ah, term for when you get a boner; but like the top of it comes out of the waistband of your underwear. It's a Tip Slip. (Arin laughs hysterically afterwards)

"Hey man, John just gave a major tip slip in Gym today!"

Tip Slip 

When a males penis can be seen hanging out of shorts.
"Hey look at that dude in the shorts! I see a tip slip!"
Tip Slip by Kbird March 1, 2009

Tip Slip 

when the tip of a penis slip out of the bottom or the hole on your underwear
while peter was walking around the house he had a tip slip in front of his roommate
Tip Slip by Big Daddy J May 6, 2014

Tip slip 

When the tip of your penis slips out the bottom of your shorts.
Alan had a tip slip because his shorts were too high and tight.
Tip slip by meat lover May 31, 2014

Tip Slip 

The equivalent of a nip slip by girl, for guys with the tip of their penis.
Ben: Bro did you get my snapchat?
Dalton: Yeah, i got your tip slip, faggot
Tip Slip by Bendibear August 27, 2013

Tip slip 

When the tip of a man's penis, unbeknownst to the man, playfully peeks out from his unzipped zipper.
Hey, Dakota! Your fly is undone and everyone can see your bits...you totally just had a tip slip!
Tip slip by Dakota and cyn June 8, 2018