Meaning: To bite quickly and lightly
* The puppy nipped at my hand playfully.
* The cold wind nipped at my nose.
* The gardener nipped off the dead flower buds.
Meaning: To stop something quickly
* The firefighters nipped the blaze in the bud.
* He nipped his plans in the bud after the funding fell through.
Meaning: A small amount of something (often alcohol)
* He took a nip of whiskey to warm himself up.
* She enjoyed a nip of gin before dinner.
Meaning: A quick trip or journey
* We took a nip down to the shops for some groceries.
* I'm just going to have a quick nip to the bathroom.
Informal meaning: To steal something
* He nipped a pen from the office before leaving. (This is a slang use and considered less polite.)
Remember, the context will help you determine the intended meaning of "nip".