1. To cut with a whipsaw.

2. To cause to move or alternate rapidly in contrasting directions: "The bond market ... continues to be whipsawed by fears of rekindled inflation" (Steven E. Levingston).

3. In card games, especially poker, for two players to raise and re-raise with one or more players in between who must call the raises in order to stay in the game.

4. To defeat or best in two ways at once.