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Similar to a "nip slip" but with a "tip". A tip is referring to the male reproduction organ. Occasionally Celebs show off the tip by accident and it needs a name. The picture will then be added to the CTS database.
If Joe gets pantsed and by accident his boxers come down too, and people see his tip, BOOM, Celebrity Tip Slip. After the Tip Slip, people will say, "Another One For The Database".
by Young Krayy January 05, 2011