A hook shot or "sky-hook" from beyond the 3-point line in basketball, usually preceded by a half-skip. The shooter typically announces "phip shot" while taking the shot. Popular on the playgrounds in Cincinnati during the 1950's and 60's.
"I can't believe he made that phip shot at the end of the game"
"If that guy takes one more phip shot, he's off the team"
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