From The Collaborative International Dictionary of English v.0.48 [gcide]: Flip \Flip\, v. t. [imp. & p. p. Flipped (fl[i^]pt); p. pr. & vb. n. Flipping.] 1. To toss (an object) into the air so as make it turn over one or more times; to fillip; as, to flip up a cent. [1913 Webster] As when your little ones Do 'twixt their fingers flip their cherry stones. --W. Browne. [1913 Webster] 2. To turn (a flat object) over with a quick motion; as, to flip a card over; to flip a pancake. [PJC] 3. To cause (a person) to turn against former colleagues, such as to become a witness for the state, in a criminal prosecution in which the person is a defendant. [cant] [PJC] 4. (Finance) To resell (an asset) rapidly to make a quick profit. [cant] [PJC]
From The Collaborative International Dictionary of English v.0.48 [gcide]: Flip \Flip\, v. i. [imp. & p. p. Flipped (fl[i^]pt); p. pr. & vb. n. Flipping.] To become insane or irrational; -- often used with out; as, seeing her mother killed made the girl flip out. [PJC]