Merriam-Webster's Collegiate® Dictionary, 11th Edition
FLIP
I. verb (flipped; flipping)
Etymology: probably imitative
Date: circa 1567
transitive verb to toss so as to cause to turn over in the air ,
2. to cause to turn and especially to turn over , to move with a small quick motion , intransitive verb to make a twitching or flicking movement , leaf 2 ,
3. slang to lose one's mind or composure, to become very enthusiastic,
II. noun
Date: 1695
a mixed drink usually consisting of a sweetened spiced liquor with beaten eggs, an act or instance of flipping, the motion used in flipping, a somersault especially in the air,
III. adjective
Date: 1823
flippant , impertinent