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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..
Should I shoot out of town and flip this pound? - Mack 10
by JGuzmannn April 17, 2007
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2
To take a sample of an old song and change it or rework it into something new in different
Did you hear the way he flipped that on 80's joint...It was phat
by mxjcmxjc July 10, 2008
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3
I was so mad, I thought I was going to flip.
by Light Joker September 19, 2004
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4
one of filipino ancestry. can also stand for "fine looking island people/person."
dayum! did you SEE that flip!? she was fyyyyyyne!
by el em ay oh February 06, 2004
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5
The act of purchasing drugs (usually a larger quantity) and reselling the same amount for more money.
He's been flipping QPs every day.
by DROC July 31, 2005
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6
originally a deragatory termed used for filipinos by US soldiers. FLIP = fucking little island people.
if you were a true filipino, you won't kep referring to yourself as "flip". but instead, call yourselves pinoy/pinay or spell out filipino. be proud of your culture.

MABUHAY NG PILIPINAS!
by got_adobo? June 16, 2006
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7
To pimp out, change or improve on - as said by the mentally stagnant Tim Westwood on Pimp My Ride UK:
We pimped a granny's ride,
we flipped a granny's bus.
by markyharry March 16, 2007
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