The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, n. [LG. & D. nippen to sip; akin to Dan. nippe, G.
   nippen.]
   A sip or small draught; esp., a draught of intoxicating
   liquor; a dram.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, v. t. [imp. & p. p. Nipped, less properly Nipt;
   p. pr. & vb. n. Nipping.] [OE. nipen; cf. D. niipen to
   pinch, also knippen to nip, clip, pinch, snap, knijpen to
   pinch, LG. knipen, G. kneipen, kneifen, to pinch, cut off,
   nip, Lith. knebti.]
   1. To catch and inclose or compress tightly between two
      surfaces, or points which are brought together or closed;
      to pinch; to close in upon.
      [1913 Webster]

            May this hard earth cleave to the Nadir hell,
            Down, down, and close again, and nip me flat,
            If I be such a traitress.             --Tennyson.
      [1913 Webster]

   2. To remove by pinching, biting, or cutting with two meeting
      edges of anything; to clip.
      [1913 Webster]

            The small shoots . . . must be nipped off.
                                                  --Mortimer.
      [1913 Webster]

   3. Hence: To blast, as by frost; to check the growth or vigor
      of; to destroy.
      [1913 Webster]

   4. To vex or pain, as by nipping; hence, to taunt.
      [1913 Webster]

            And sharp remorse his heart did prick and nip.
                                                  --Spenser.
      [1913 Webster]

   To nip in the bud, to cut off at the very commencement of
      growth; to kill in the incipient stage.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Nip \Nip\, n.
   1. A seizing or closing in upon; a pinching; as, in the
      northern seas, the nip of masses of ice.
      [1913 Webster]

   2. A pinch with the nails or teeth.
      [1913 Webster]

   3. A small cut, or a cutting off the end.
      [1913 Webster]

   4. A blast; a killing of the ends of plants by frost.
      [1913 Webster]

   5. A biting sarcasm; a taunt. --Latimer.
      [1913 Webster]

   6. (Naut.) A short turn in a rope.
      [1913 Webster]

   Nip and tuck, a phrase signifying equality in a contest;
      as, it was nip and tuck right to the last minute of play.
      [Low, U.S.]
      [1913 Webster]

WordNet (r) 3.0 (2006):

nip
    n 1: a small drink of liquor; "he poured a shot of whiskey"
         [syn: nip, shot]
    2: (offensive slang) offensive term for a person of Japanese
       descent [syn: Jap, Nip]
    3: the taste experience when a savoury condiment is taken into
       the mouth [syn: relish, flavor, flavour, sapidity,
       savor, savour, smack, nip, tang]
    4: the property of being moderately cold; "the chilliness of
       early morning" [syn: chilliness, coolness, nip]
    5: a tart spicy quality [syn: nip, piquance, piquancy,
       piquantness, tang, tanginess, zest]
    6: a small sharp bite or snip [syn: nip, pinch]
    v 1: squeeze tightly between the fingers; "He pinched her
         behind"; "She squeezed the bottle" [syn: pinch,
         squeeze, twinge, tweet, nip, twitch]
    2: give a small sharp bite to; "The Queen's corgis always nip at
       her staff's ankles"
    3: sever or remove by pinching or snipping; "nip off the
       flowers" [syn: nip, nip off, clip, snip, snip off]