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.
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         Curbed and snipped in my younger years by fear of my
         parents from those vicious excrescences to which that
         age was subject.                         --Fuller.
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         The captain seldom ordered anything out of the ship's
         stores . . . but I snipped some of it for my own share.
                                                  --De Foe.
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The Collaborative International Dictionary of English v.0.48:

Snip \Snip\, n.
   1. A single cut, as with shears or scissors; a clip. --Shak.
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   2. A small shred; a bit cut off. --Wiseman.
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   3. A share; a snack. [Obs.] --L'Estrange
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   4. A tailor. [Slang] --Nares. C. Kingsley.
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   5. Small hand shears for cutting sheet metal.
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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]