1. Someone who goes out and flirts quite a bit in social settings. This person will not usually go home with you but will likely make-out with you at a bar or on a crowded dance floor. They don't necessarily have the game to be considered a bona fide player and will definitely kiss and tell.
2. In some cases, the term 'lipstick flirt' can also be used to define a guy who likes to make out and is easily excited. Like an excited male dog whose lipstick shows when he's engorged.
Friend: "That girl is totally digging you, dude"
victim: "I don't know, man... I think she's a lipstick flirt".