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1.
A small chip that can be used in a Playstation, Playstation 2 or XBox. It allows you to play Import Games and Illegally Copied games by tricking the game system you have an authentic game.
I never knew this little modchip could bring so much happiness!
by Renegade_R March 02, 2005
 
2.
A chip which, if installed into a videogame console, allows it to play illegal backups of games, or homebrew that could otherwise not be compatible with the console. Their use in common in countries with do not penalize the use of illegal backups (maybe because said countries don't manufacture videogames.)
Yes! I got a modchip for my Wii!
by Magnusmaster March 07, 2007
 
3.
An illegal chip that modifies a gaming system to allow it to play illegaly copied games.
There are modchips for most consoles such as the PS2 and Xbox.
by |<13|24/\/ February 06, 2005