When the tip of the phallus protrudes through a article of clothing worn in the leg region; When the tip of the
penis sticks out of the band of male underwear when they have an erection.
Popular examples coined by
Daniel Avidan from the popular Youtube channel Game Grumps.
Part 4 of the Bloodborn Walkthrough on Game Grumps (
Death Barf) Danny- "My friends and I created a new um, a new ah, term for when you get a boner; but like the top of it comes out of the waistband of your underwear. It's a Tip
Slip. (Arin laughs hysterically afterwards)
"Hey man, John just gave a major tip
slip in Gym today!"