The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, n. [LG. & D. nippen to sip; akin to Dan. nippe, G.
   nippen.]
   A sip or small draught; esp., a draught of intoxicating
   liquor; a dram.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, v. t. [imp. & p. p. Nipped, less properly Nipt;
   p. pr. & vb. n. Nipping.] [OE. nipen; cf. D. niipen to
   pinch, also knippen to nip, clip, pinch, snap, knijpen to
   pinch, LG. knipen, G. kneipen, kneifen, to pinch, cut off,
   nip, Lith. knebti.]
   1. To catch and inclose or compress tightly between two
      surfaces, or points which are brought together or closed;
      to pinch; to close in upon.
      [1913 Webster]

            May this hard earth cleave to the Nadir hell,
            Down, down, and close again, and nip me flat,
            If I be such a traitress.             --Tennyson.
      [1913 Webster]

   2. To remove by pinching, biting, or cutting with two meeting
      edges of anything; to clip.
      [1913 Webster]

            The small shoots . . . must be nipped off.
                                                  --Mortimer.
      [1913 Webster]

   3. Hence: To blast, as by frost; to check the growth or vigor
      of; to destroy.
      [1913 Webster]

   4. To vex or pain, as by nipping; hence, to taunt.
      [1913 Webster]

            And sharp remorse his heart did prick and nip.
                                                  --Spenser.
      [1913 Webster]

   To nip in the bud, to cut off at the very commencement of
      growth; to kill in the incipient stage.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, n.
   1. A seizing or closing in upon; a pinching; as, in the
      northern seas, the nip of masses of ice.
      [1913 Webster]

   2. A pinch with the nails or teeth.
      [1913 Webster]

   3. A small cut, or a cutting off the end.
      [1913 Webster]

   4. A blast; a killing of the ends of plants by frost.
      [1913 Webster]

   5. A biting sarcasm; a taunt. --Latimer.
      [1913 Webster]

   6. (Naut.) A short turn in a rope.
      [1913 Webster]

   Nip and tuck, a phrase signifying equality in a contest;
      as, it was nip and tuck right to the last minute of play.
      [Low, U.S.]
      [1913 Webster]

WordNet (r) 3.0 (2006):

nip
    n 1: a small drink of liquor; "he poured a shot of whiskey"
         [syn: nip, shot]
    2: (offensive slang) offensive term for a person of Japanese
       descent [syn: Jap, Nip]
    3: the taste experience when a savoury condiment is taken into
       the mouth [syn: relish, flavor, flavour, sapidity,
       savor, savour, smack, nip, tang]
    4: the property of being moderately cold; "the chilliness of
       early morning" [syn: chilliness, coolness, nip]
    5: a tart spicy quality [syn: nip, piquance, piquancy,
       piquantness, tang, tanginess, zest]
    6: a small sharp bite or snip [syn: nip, pinch]
    v 1: squeeze tightly between the fingers; "He pinched her
         behind"; "She squeezed the bottle" [syn: pinch,
         squeeze, twinge, tweet, nip, twitch]
    2: give a small sharp bite to; "The Queen's corgis always nip at
       her staff's ankles"
    3: sever or remove by pinching or snipping; "nip off the
       flowers" [syn: nip, nip off, clip, snip, snip off]

Moby Thesaurus II by Grady Ward, 1.0:

483 Moby Thesaurus words for "nip":
   abbreviate, abduct, abridge, abscind, absolute zero, abstract,
   acute pain, adhere to, afflict, agonize, ail, algidity, amputate,
   and, annex, annihilate, approach, appropriate, arrest, bag, balk,
   ball the jack, ban, bar, barrel, bear hug, benumb, beverage, bib,
   bite, bite the tongue, bitterness, blast, blast-freeze, bleakness,
   blight, bob, boil down, bolus, boom, boost, booze, boring pain,
   borrow, bowl along, breeze, breeze along, briskness, brush, bumper,
   burn, cabbage, capsulize, carry off, center, centralize, chafe,
   champ, charley horse, chaw, check, chew, chill, chilliness, chip,
   chomp, clamp, clamping, clamping down, clasp, cleave to, clench,
   clinch, cling, clinging, clip, close, close in, close up,
   close with, clout, clutch, cold, coldness, come together, compress,
   compression, concenter, concentralize, concentrate, condense,
   congeal, contract, converge, convulse, cool, coolness, coolth, cop,
   cramp, cramps, crib, crick, crispness, crop, crucify, crumb, crush,
   cryogenics, cryology, cud, cull, curtail, cut, cut along, cut away,
   cut back, cut down, cut off, cut off short, cut out, cut short,
   darting pain, dash, dash off, death grip, decrease in temperature,
   defraud, dig out, dispose of, distress, do away with, dock, dose,
   draft, drain the cup, dram, drench, drink, drink bottoms-up,
   drink deep, drink hard, drink off, drink up, drop, elide,
   eliminate, embezzle, embrace, end, ensphere, enucleate, epitomize,
   eradicate, except, excise, exclude, excruciate, extinguish,
   extirpate, extort, fall in with, fester, filch, finish, finish off,
   firm hold, fix, fleet, flit, fly, fly low, follow strong drink,
   foot, foothold, footing, foreshorten, freeze, freeze solid,
   freeze to, freezing point, freshness, fret, frigidity, frost,
   frostbite, frostiness, frustrate, fulgurant pain, funnel, gall,
   gargle, gelidity, get rid of, ginger, girdle pain, give pain,
   glaciate, glacify, gnash, gnaw, gnawing, go fast, go through, gob,
   grapple, grasp, grate, grind, grip, gripe, griping, grog, gulp,
   guts, guzzle, hang on, hang on to, harrow, hasten, hasten off,
   highball, hitch, hold, hold fast, hold on, hold on to, hold tight,
   hook, hotfoot, hotness, hug, hurry away, hurt, hustle, ice,
   iciness, imbibe, inclemency, inflame, inflict pain, intense cold,
   intersect, iron grip, irritate, isolate, jigger, jolt,
   jumping pain, keenness, keep hold of, kick, kidnap, kill,
   kill by inches, kink, knock back, knock off, lacerate,
   lancinating pain, lap, lap up, libation, lift, light out,
   liquor up, liveliness, lop, low temperature, make away with,
   make knots, make off with, martyr, martyrize, meet, morceau,
   morsel, mouthful, mow, munch, mutilate, nab, nail, narrow the gap,
   never let go, nibble, nick, nip off, nippiness, numb,
   outstrip the wind, pain, palm, pang, pare, paroxysm, patch, peel,
   peg, penetrate, pepperiness, pick out, pierce, pilfer, pinch,
   poach, poll, pollard, portion, potation, potion, pour it on, press,
   pressure, prick, prolong the agony, prune, pull, punch, purchase,
   purloin, put paid to, put to torture, quaff, quick-freeze, quid,
   raciness, rack, rankle, rasp, rawness, reap, recap, recapitulate,
   reduce, refreeze, refrigerate, regelate, relish, retrench, rigor,
   rip, root out, round, round of drinks, rub, rule out, run,
   run away with, run together, rush, rustle, scamper off, scorch,
   scrap, scrounge, seizure, set apart, set aside, severity, shanghai,
   sharp air, sharp pain, sharpness, shave, shear, shiver, shoot,
   shooting, shooting pain, shoplift, shorten, shot, shred, sip,
   sizzle, skim, skin out, slaughter, sliver, slug, slurp, smithereen,
   snap, snappiness, snare, snatch, snick, snifter, snip, snippet,
   snitch, snort, snub, soak, spasm, speed, spice, spiciness,
   splinter, spot, squeeze, squeezing, stab, stabbing pain, stamp out,
   steal, stick to, sting, stitch, storm along, strike off, strip,
   strip off, stunt, suck, sum up, summarize, sup, swallow, sweep,
   swig, swill, swindle, swipe, synopsize, tag, take, take in,
   take off, take out, tang, tanginess, tank up, taper, tatter, tear,
   tear along, tear off, tear out, telescope, thieve, thrill, throes,
   throttle, thunder along, thwart, tight grip, tighten, tightening,
   tipple, to, toehold, tope, tormen, torment, torture, toss down,
   toss off, tot, trim, truncate, tweak, twinge, twist, twitch, unite,
   wad up, walk off with, wet, whip off, whisk, whiz, whiz off,
   wipe out, wound, wrench, wring, zest, zestfulness, zing, zip,
   zoom