Nowadays, rarely being used to refer to ones penis, pips is really used now for anything. Saying "How's Pips" can really just mean like "What's up," or "How you doin man?"
You just gonna sit there an play with your pips all day?
(2) A real character.
(3) Someone who tends to be difficult, but still likeable.
(2) That guy over there is being overly friendly to everyone, asking them all sorts of questions, and just being too social in a weird way. Seems like a real pip.
(3) My wife was acting like a real pip last night, but of course, I still love her.
Hell yea shes so sexy, id bang that shit anyday!