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1.
The act of two penis heads coming into contact with each other.

Sometimes this can be assisted by a Chinese finger trap like device.

If both parties get too close the penises might get tied into a knot.

when touching tips people are required to make faces such as this: -_-
Oh my god, Coup and Deen just touched weens! They tipped touched? Yes, yes they dig, Pepe saw them touch tips.
by Beef Mangina December 18, 2009
 
2.
The act of two grown men pulling out their dicks and touching the tips of their dicks together. Usually performed in small groups when the individuals are very excited about something mutual.
Hey Bill, we won the project, we should Touch Tips to celebrate!
by Gobber March 01, 2012
 
3.
Similar to "touch base" but with two gay dudes.
Gay dude: I haven't seen Jim in a while, maybe I should touch tip with him.
by Reeeeeeeeze December 29, 2011