If you flip something you make a profit out of it.
Let's say you bought a 5-stick pack of gum for 25 cents and you sell every stick for 10 cents (giving you 50 cents) you just flipped the pack of gum.
I heard there was a show where people flip houses.
They buy some houses, fix them up then sell them for more than they paid.
So I guess you could flip anything, but when I hear someone say they flipped something I'm usually thinking about narcotics.
In the example, "pound" is probably a pound of chronic, cocaine, etc..
by JGuzmannn April 17, 2007
by Voyaging August 27, 2012
Originally a racial slur directed at Filipinos created by American Soldiers during WWII meaning "fucking little island people." However, many Filipinos today have come to use the term when referring to the word Filipino. Also, a recent ad campaign for a company in the Philippines changed the meaning to "Fine Looking Island People"
by DtodaAtodaEtodaB September 01, 2006
by Light Joker September 19, 2004
by el em ay oh February 06, 2004
by locster82 December 21, 2006
The act of purchasing drugs (usually a larger quantity) and reselling the same amount for more money.
by DROC July 31, 2005