Definition of flips:
(n) :
A maneuver which rotates an object end over end.
(n) :
A complete change of direction, decision, movement etc.
(n) :
(dated) A whit or jot; the tiniest amount.
(n) :
(US, slang) A slingshot.
(n) :
A hairstyle popular among boys in the 1960s–70s and 2000s–10s, in which the hair goes halfway down the ears, at which point it sticks out
(n) :
(informal) The purchase of an asset (usually a house) which is then improved and sold quickly for profit.