Predominantly used in the early 1980's, The Whip is anything that is fresh, far out, rockin, neat, cool, funky, awesome, great, etc. Can be used for many different things.
However, if something isn't cool, it's "like the whip" because nothing can be like the whip, either it is or it isn't.
Man, your new car is the whip!
Did you see her? She was the whip!
That pizza I just ate was the whip!