The Collaborative International Dictionary of English v.0.48:

Tippet \Tip"pet\, n. [OE. tipet, tepet, AS. t[ae]ppet, probably
   fr. L. tapete tapestry, hangings. Cf. Tape, Tapestry,
   Tapet.]
   1. A cape, or scarflike garment for covering the neck, or the
      neck and shoulders, -- usually made of fur, cloth, or
      other warm material. --Chaucer. Bacon.
      [1913 Webster]

   2. A length of twisted hair or gut in a fish line. [Scot.]
      [1913 Webster]

   3. A handful of straw bound together at one end, and used for
      thatching. [Scot.] --Jamieson.
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   Tippet grebe (Zool.), the great crested grebe, or one of
      several similar species.

   Tippet grouse (Zool.), the ruffed grouse.

   To turn tippet, to change. [Obs.] --B. Jonson.
      [1913 Webster]

WordNet (r) 3.0 (2006):

tippet
    n 1: a woman's fur shoulder cape with hanging ends; often
         consisting of the whole fur of a fox or marten