In the sense related to Filipinos, flip can be an acronym and a word.

acronym flip: "fucking little island person" used by U.S. troops long ago during times of war

word flip: short for Filipino used by ignorant Filipinos and others

Even though the acronym for flip can be changed to flatering, kinder things; flip should not be used by anyone who actually respects filipinos. Instead of using the word flip, use words like pinoy(pinoy for girls), and filipino(filipina for girls).

To completely beat a video game. This term was first used for arcade games that did one of two things:

1) After reaching a certain score it would reset back to zero. For instance, a game might only be able to keep track of 9999999 points. Getting one more point after this would "flip" the score to zero.

2) After beating the last level, the game continues but on the first level. A good example of this is Mario Bros.

This meaning of flip was eventually expanded to include games that had formal endings.

sell, push, in the best case scenario make a profit

A cold, creamy drink made with eggs, sugar, citrus juice, and a spirit. It got it's name in Colonial times, when a hot flip iron was used to mull the ingredients in the drink.

a individual usually a female who is of loose origins and prefers polygamy and orgies

A girl who has given it up to over 5 different guys

A female who is known to engage in sexual activities with more than one guy at a time.