MABUHAY NG PILIPINAS!
If you flip something you make a profit out of it.
Let's say you bought a 5-stick pack of gum for 25 cents and you sell every stick for 10 cents (giving you 50 cents) you just flipped the pack of gum.
I heard there was a show where people flip houses.
They buy some houses, fix them up then sell them for more than they paid.
So I guess you could flip anything, but when I hear someone say they flipped something I'm usually thinking about narcotics.
In the example, "pound" is probably a pound of chronic, cocaine, etc..
Flip - "Funny (or Fucking) Little (or Looking) Island People".
Our ancestors were named flips from the Americans as in insult. Just like how they called the african american's niggers. Remember when the whites were seperated from the blacks? it happened to the Filipinos too. They even tried banning the Filipino's from migrating to the US.
*remember what Flip really stands for and how hard it was for the Filipino ancestors that went through it all.