An action. To flip the chip over to the other side to dip after you've already dipped one side. Basically just another term for double dipping.
Mary: Ew, Heidi. Did you just double dip???
Heidi: No I did the flip and dip. It's totally different.
Mary: Nah. I mean it's basically the same thing. Your saliva is still on that chip!
/v/ - To completely own someone. Often used in the past tense, "flipped and dipped". An homage to Drop It Like It's Hot: "Must I remind you I'm only here to twist you Pistol whip you, dip you then flip you"
"I willflip and dip you", or "You got flipped and dipped, son."