The Collaborative International Dictionary of English v.0.48:

Snip \Snip\, v. t. [imp. & p. p. Snipped; p. pr. & vb. n.
   Snipping.] [D. snippen; akin to G. schnippen.]
   To cut off the nip or neb of, or to cut off at once with
   shears or scissors; to clip off suddenly; to nip; hence, to
   break off; to snatch away.
   [1913 Webster]

         Curbed and snipped in my younger years by fear of my
         parents from those vicious excrescences to which that
         age was subject.                         --Fuller.
   [1913 Webster]

         The captain seldom ordered anything out of the ship's
         stores . . . but I snipped some of it for my own share.
                                                  --De Foe.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Snip \Snip\, n.
   1. A single cut, as with shears or scissors; a clip. --Shak.
      [1913 Webster]

   2. A small shred; a bit cut off. --Wiseman.
      [1913 Webster]

   3. A share; a snack. [Obs.] --L'Estrange
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   4. A tailor. [Slang] --Nares. C. Kingsley.
      [1913 Webster]

   5. Small hand shears for cutting sheet metal.
      [1913 Webster]

WordNet (r) 3.0 (2006):

snip
    n 1: a small piece of anything (especially a piece that has been
         snipped off) [syn: snip, snippet, snipping]
    2: the act of clipping or snipping [syn: clip, clipping,
       snip]
    v 1: sever or remove by pinching or snipping; "nip off the
         flowers" [syn: nip, nip off, clip, snip, snip
         off]
    2: cultivate, tend, and cut back the growth of; "dress the
       plants in the garden" [syn: snip, clip, crop, trim,
       lop, dress, prune, cut back]

Moby Thesaurus II by Grady Ward, 1.0:

175 Moby Thesaurus words for "snip":
   amputate, ax, bakehead, bantam, banty, bisect, bit, black gang,
   boilerman, breeze, bungs, butcher, butt, button, cabin boy, carve,
   chip, chips, chit, chop, chunk, cinch, cleave, clip, clipping,
   collop, commissary steward, complement, crop, crumb, cut, cut away,
   cut in two, cut off, cutting, deckhand, deckie, dichotomize,
   diminutive, dissever, dock, dollop, dot, drop, droplet, end,
   excise, featherweight, fingerling, fireman, fissure, fleck,
   flyspeck, fragment, gash, gnat, gob, gobbet, grain, gun loader,
   gunner, hack, halve, hand, hew, hospital steward, hunk, hussy,
   incise, incision, iota, jade, jigsaw, jot, lance,
   landing signalman, lightweight, lop, lump, mail orderly, malapert,
   microbe, microorganism, midge, mini, minikin, minim, minnow, minny,
   minutia, minutiae, mite, modicum, moiety, morceau, morsel, mote,
   mouse, navigator, nick, nip, nubbin, oiler, pare, paring, particle,
   patch, peewee, picnic, pie, piece, pinhead, pinpoint, pipe, point,
   pony, prune, purser, pushover, radio operator, rasher, remnant,
   rend, rive, roustabout, runt, saucebox, saw, scissor, scissors,
   scoop, scrap, sever, shard, shaving, shears, shiver, shred, shrimp,
   slash, slice, slip, slit, sliver, slut, small fry, smithereen,
   snack, snap, snatch, snick, snippet, snips, sparks, speck,
   splinter, split, steward, stewardess, stitch, stoker, stump,
   sunder, tag, tatter, tear, tit, tittle, torpedoman,
   vanishing point, wart, watch, whittle, wisp, yeoman