Merriam-Webster's Collegiate® Dictionary, 11th Edition
NIP
I. verb (nipped; nipping)
Etymology: Middle English nippen; akin to Middle Dutch nipen to pinch, Old Norse hnippa to prod
Date: 14th century
transitive verb
1. to catch hold of and squeeze tightly between two surfaces, edges, or points ; pinch , bite , to pinch in (as a garment) ,
2. to sever by or as if by pinching sharply, to destroy the growth, progress, or fulfillment of , to injure or make numb with cold ; chill , snatch , steal , to defeat by a small margin, intransitive verb to move briskly, nimbly, or quickly, to make a quick trip,
II. noun
Date: 1549
something that nips: as, a sharp biting comment, a sharp stinging cold , a biting or pungent flavor ; tang , the act of nipping ; pinch , bite , the region of a squeezing or crushing device (as a calender) where the rolls or jaws are closest together, a small portion,
III. noun
Etymology: probably from nipperkin, a liquor container
Date: circa 1796
a small quantity of liquor ; sip ,
IV. intransitive verb (nipped; nipping)
Date: 1887
to take liquor in nips ; tipple