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Nomally used when someone attempts to do something impressive only to fail at it miserably.
Example: -

Person 1: Watch me to this backflip .. *thud*
Person 2: *laugh* you Fliptripped that one
by Matthew Parkes February 05, 2010
Accidentally losing conrtol of ones penis while urination is occuring. This can result it spraying urine all over the guy next to you. It is often caused by someone screaming into your ear when you least expect it.
Teacher: "Why are you soaked in piss?"

Student: "I went on a Flip Trip"
by Johndizzog October 20, 2006