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..
Should I shoot out of town and flip this pound? - Mack 10
by JGuzmannn April 17, 2007
To sell someone out to the police in order to save yourself from criminal charges.
by Voyaging August 27, 2012
sell, push, in the best case scenario make a profit
by locster82 December 22, 2006
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"
WWII Soldier: Damn! Where are those FLIPS? They were supposed to reinforce us an hour ago.
by DtodaAtodaEtodaB September 1, 2006
The B side on a vinyl record; shortened form of 'flip side', a reference to the physical act of flipping the record over to play the other side.
"'Domina' is a great track, but Carl Craig's remix on the flip is even better."
by dgdfhfhhf September 17, 2009
I was so mad, I thought I was going to flip.
by Light Joker September 19, 2004
one of filipino ancestry. can also stand for "fine looking island people/person."
dayum! did you SEE that flip!? she was fyyyyyyne!
by el em ay oh February 7, 2004