The Collaborative International Dictionary of English v.0.48:

Flip \Flip\, v. t. [imp. & p. p. Flipped (fl[i^]pt); p. pr. &
   vb. n. Flipping.]
   1. To toss (an object) into the air so as make it turn over
      one or more times; to fillip; as, to flip up a cent.
      [1913 Webster]

            As when your little ones
            Do 'twixt their fingers flip their cherry stones.
                                                  --W. Browne.
      [1913 Webster]

   2. To turn (a flat object) over with a quick motion; as, to
      flip a card over; to flip a pancake.
      [PJC]

   3. To cause (a person) to turn against former colleagues,
      such as to become a witness for the state, in a criminal
      prosecution in which the person is a defendant. [cant]
      [PJC]

   4. (Finance) To resell (an asset) rapidly to make a quick
      profit. [cant]
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Flip \Flip\, v. i. [imp. & p. p. Flipped (fl[i^]pt); p. pr. &
   vb. n. Flipping.]
   To become insane or irrational; -- often used with out; as,
   seeing her mother killed made the girl flip out.
   [PJC]