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1.
1.Electronics A minute slice of a semiconducting material, such as silicon or germanium, doped and otherwise processed to have specified electrical characteristics, especially before it is developed into an electronic component or integrated circuit.
2. Series of wires integrated into some form of technological device.
3. Also can be considered as Porn for nerds.
Nerd 1: "OMG I took apart my laptop just to see the microchip."
Nerd 2: "0 g05h 7h47 15 50 n4ugh7y y0u p3rv3."
by Bradford J.F Soriano November 29, 2008
 
2.
1) Microwaveable chips of the chav variety... cheap - hard - effective

2) A very Greasy Boy

Comes from the term "Microwaveable Chips"
1)
Mam: "Corrina yer micro chips are ready"

Corrina: "In a min Mam!"

2)
"That kid's a micro chip"
by Steffanio January 05, 2005
 
3.
An intergrated circuit comprising of a EEprom, a Processor and Flash Memory. It is programmed by codeing in Assembily, C or even Basic, which is compiled into Hex and "Burnt" onto the chip. Often caled a PIC (Programmable Intergrated Circuit) Available in a 12, 4,16 and 18 series. Very common example is the 16F84 (which is now obsalite) Competitors to ATMEL. A IC is not a Microchip. Similar to a Dyson is not a hoover.
I programmed the PIC using ASM. Pics Pwnz Atmels.
by TheMonkey August 01, 2005