The Collaborative International Dictionary of English v.0.48:

Clipper \Clip"per\ (kl[i^]p"p[~e]r), n.
   1. One who clips; specifically, one who clips off the edges
      of coins.
      [1913 Webster]

            The value is pared off from it into the clipper's
            pocket.                               --Locke.
      [1913 Webster]

   2. A machine for clipping hair, esp. the hair of horses.
      [1913 Webster]

   3. (Naut.) A vessel with a sharp bow, built with a fast hull
      and tall sails, rigged for fast sailing, and used in trade
      where the cargo capacity was less important than the
      speed; -- called also clipper ship. --
      Clip"per-built`, a.
      [1913 Webster]

   Note: The name was first borne by "Baltimore clippers" famous
         as privateers in the early wars of the United States.
         [1913 Webster]

   4. (Electronics) a circuit that limits the amplitude of a
      waveform.

   Syn: limiter.
        [WordNet 1.5]

   Yankee Clipper,
      (a) a clipper ship built in the United States. See
          clipper[3].
      (b) Joe DiMaggio; -- a nickname for the player who was a
          prominent member of the New York Yankees baseball team
          in the 1940's.
          [PJC]

WordNet (r) 3.0 (2006):

clipper ship
    n 1: a fast sailing ship used in former times [syn: clipper,
         clipper ship]