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From The Collaborative International Dictionary of English v.0.48:
Nip \Nip\, v. t. [imp. & p. p. Nipped, less properly Nipt; p. pr. & vb. n. Nipping.] [OE. nipen; cf. D. niipen to pinch, also knippen to nip, clip, pinch, snap, knijpen to pinch, LG. knipen, G. kneipen, kneifen, to pinch, cut off, nip, Lith. knebti.] 1. To catch and inclose or compress tightly between two surfaces, or points which are brought together or closed; to pinch; to close in upon. [1913 Webster] May this hard earth cleave to the Nadir hell, Down, down, and close again, and nip me flat, If I be such a traitress. --Tennyson. [1913 Webster] 2. To remove by pinching, biting, or cutting with two meeting edges of anything; to clip. [1913 Webster] The small shoots . . . must be nipped off. --Mortimer. [1913 Webster] 3. Hence: To blast, as by frost; to check the growth or vigor of; to destroy. [1913 Webster] 4. To vex or pain, as by nipping; hence, to taunt. [1913 Webster] And sharp remorse his heart did prick and nip. --Spenser. [1913 Webster] To nip in the bud, to cut off at the very commencement of growth; to kill in the incipient stage. [1913 Webster]