verb

• (Scotland, Northern England) To squeeze or pinch.
• (obsolete, UK, thieves' cant) To steal; especially to cut a purse.
  "Ben mort, shall you and I heave a bough, mill a ken, or nip a bung, and then we'll couch a hogshead under the ruffmans, and there you shall wap with me, and I'll niggle with you."
• (obsolete) To affect [one] painfully; to cause physical pain.'
  "He had never expected to fling the soldier, or to be flung by Flea. “One nips or is nipped,” he thought, “and never knows beforehand. …""

noun

• (mining) A more or less gradual thinning out of a stratum.
• (nautical) A short turn in a rope.
• (papermaking) The place of intersection where one roll touches another
• (obsolete, UK, thieves' cant) A pickpocket.
  "A novice nip, newly arrived in London, went one afternoon to the Red Bull in Bishopsgate, an inn converted to a playhouse."

noun

• (slang, vulgar) A nipple, usually of a woman.
  "Did you manage to sneak a peek at her nips, bro?"

verb

• (slang, vulgar) To have erect nipples.