The Collaborative International Dictionary of English v.0.48:

Kip \Kip\, n.
   The hide of a young or small beef creature, or leather made
   from it; kipskin.
   [1913 Webster]

   Kip leather. See Kipskin.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Kip \Kip\, n. [Cf. G. kippe.]
   1. A sharp-pointed hill; a projecting point, as on a hill.
      [Scot.]
      [Webster 1913 Suppl.]

   2. (Gymnastics) A method or feat of raising the body when
      hanging or swinging by the arms, as for the purpose of
      mounting upon the horizontal bar. The legs are swung
      forward and upward by bending the hips, then suddenly down
      again, which gives the upward impulse to the body.
      [Webster 1913 Suppl.]

WordNet (r) 3.0 (2006):

kip
    n 1: sleep; "roused him from his kip"
    2: the basic unit of money in Laos
    3: a gymnastic exercise performed starting from a position with
       the legs over the upper body and moving to an erect position
       by arching the back and swinging the legs out and down while
       forcing the chest upright [syn: kip, upstart]
    v 1: be asleep [syn: sleep, kip, slumber, log Z's,
         catch some Z's] [ant: wake]