noun

• (derogatory, sometimes offensive) A cheat or swindle; a rip-off.
  "Why do we have to buy this new edition of the textbook when there’s almost no difference between it and the previous one? What a gyp!"

verb

• (derogatory, sometimes offensive) To cheat or swindle.
  "The cab driver gypped me out of ten bucks by taking the longer route."

noun

• (Cambridge University, Durham University, historical) A domestic servant, generally male, who would attend upon (usually several) students, brushing their clothes, carrying parcels, waiting at parties and other tasks; generally equivalent to a scout in the historical sense at Oxford University or a skip at Trinity College, Dublin.
  "All was neglect. The outer door of this room, which was open, was nearly on a level with the Quadrangle — some coats and trousers and boots were upon the ebony table and a "gyp" was brushing away at them just within the door — in wet weather he performed these functions entirely within the library, as innocent of the incongruity of his position as my guide himself."
• (Cambridge University, Durham University) The room in which such college servants work.
• (Cambridge University, Durham University) A small kitchen for use by college students.