A fold up casualchair, usually made of foam that folds into thirds to sit in and folds out on the floor for guests. Handy for overnight guests or impromptu sex sessions.
My air mattress leaks, but luckily I had that flip n fuck in the spare room for my guest.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).