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2.
Nip it in the butt is a bastardization of "nip it in the bud"

It has since turned into a joke phrase or a vulgarity meaning to have sexual intercourse in the anus.
Guy: Ya know that hot chick down there?

Guy2: Yeah. So?

Guy: Well I am gonna "nip it in the butt!"
by Why so many taken names... December 30, 2009
 
1.
Bastardization of the phrase "nip it in the bud," which in turn means to stop something from happening by squelching it early on.
I am gonna have a lot of homework to do in a few feeks, but I will nip it in the butt(bud) by dropping out today!
by bill doe June 27, 2006
 
3.
its the fucking word , not nip it in the bud. your just all stupid and have bad hearing
fuck jordan in the butt
by SAMRULES!!!!!!!! October 14, 2004