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To "Flip Shit" means to cause chaos and/or mayhem.
Also usually means "fun" to teenagers
John: Heh, Joe, lets go steal some gun powder and fuses to flip shit down at the mall

Joe: Sweet. Can we get stoned first?
Flip Shit by Parker Woods January 9, 2008
Brett was flipping shit the other night whilst simultaneously watching SpongeBob and Waking Life. Andrew just took two hits and is sipping on a big mug of shroom tea; he is gonna flip shit.
Flip Shit by Brerick March 2, 2008

flip-shit 

if something is too difficult say “flip shit” and quit...
coach: "okay were going to do 6x400 butterfly for time"
everyone in pool: "FLIP-SHIT!" ::goes to bathroom/lockeroom::

flip the shit

when something completely insane happens and there is an official 'freak out'
when my parents found out that i got a tattoo, they flip the shit.
flip the shit by ew-tah December 29, 2003

Flip My Shit

To become excessively scared, angry or in some cases happy. Is said by many YouTube commentators, such as theRadBrad.
Man, playing Dead Space 2 makes me flip my shit every time.

If that chick over there keeps laughing, I might have to flip my shit!

When my dad bought the PS3 home, I flipped my shit!
Flip My Shit by KateraChanChan August 23, 2011