nip 1 
(nĭp)
(nĭp)v. nipped, nip·ping, nips
v.tr.
1. To seize and pinch or bite: The fish nipped the wader's toe.
2. To remove or sever by pinching or snipping: nipped off the plant leaf.
3. To bite or sting with the cold; chill.
4. To check or cut off the growth or development of: a conspiracy that was nipped in the bud by the police.
5. Slang
a. To snatch up hastily.
b. To take (the property of another) unlawfully; steal.
v.intr.
Chiefly British
Chiefly British
To move quickly; dart.
n.
1. The act or an instance of seizing or pinching.
2.
a. A pinch or snip that cuts off or removes a small part: He gave a small nip to each corner of the cloth.
b. The small bit or portion so removed: There were nips of construction paper all over the child's table.
3.
a. A sharp, stinging quality, as of frosty air.
b. Severely sharp cold or frost.
4. A cutting remark.
5. A sharp, biting flavor; a tang: the nip of Mexican salsa.
[Middle English nippen, perhaps from Middle Dutch nipen.]