Source : Webster's Revised Unabridged Dictionary (1913)

Chip \Chip\ (ch[i^]p), v. t. [imp. & p. p. {Chipped} (ch[i^]pt);
   p. pr. & vb. n. {Chipping}.] [Cf. G. kippen to cut off the
   edge, to clip, pare. Cf. {Chop} to cut.]
   1. To cut small pieces from; to diminish or reduce to shape,
      by cutting away a little at a time; to hew. --Shak.

   2. To break or crack, or crack off a portion of, as of an
      eggshell in hatching, or a piece of crockery.

   3. To bet, as with chips in the game of poker.

   {To chip in}, to contribute, as to a fund; to share in the
      risks or expenses of. [Slang. U. S.]

Chip \Chip\, v. i.
   To break or fly off in small pieces.

Chip \Chip\, n.
   1. A piece of wood, stone, or other substance, separated by
      an ax, chisel, or cutting instrument.

   2. A fragment or piece broken off; a small piece.

   3. Wood or Cuban palm leaf split into slips, or straw plaited
      in a special manner, for making hats or bonnets.

   4. Anything dried up, withered, or without flavor; -- used
      contemptuously.

   5. One of the counters used in poker and other games.

   6. (Naut.) The triangular piece of wood attached to the log
      line.

   {Buffalo chips}. See under {Buffalo}.

   {Chip ax}, a small ax for chipping timber into shape.

   {Chip bonnet}, {Chip hat}, a bonnet or a hat made of Chip.
      See {Chip}, n., 3.

   {A chip off the old block}, a child who resembles either of
      his parents. [Colloq.] --Milton.

   {Potato chips}, {Saratoga chips}, thin slices of raw potato
      fried crisp.

Source : WordNet®

chip
     n 1: a small fragment of something broken off from the whole; "a
          bit of rock caught him in the eye" [syn: {bit}, {flake},
           {fleck}, {scrap}]
     2: a triangular wooden float attached to the end of a log line
     3: a piece of dried bovine dung [syn: {cow chip}, {cow dung}, {buffalo
        chip}]
     4: a thin crisp slice of potato fried in deep fat [syn: {crisp},
         {potato chip}, {Saratoga chip}]
     5: a mark left after a small piece has been chopped or broken
        off of something [syn: {check}]
     6: a small disk-shaped counter used to represent money when
        gambling [syn: {poker chip}]
     7: electronic equipment consisting of a small crystal of a
        silicon semiconductor fabricated to carry out a number of
        electronic functions in an integrated circuit [syn: {microchip},
         {micro chip}, {silicon chip}]
     8: a low running approach shot [syn: {chip shot}]
     9: the act of chipping something [syn: {chipping}, {splintering}]
     [also: {chipping}, {chipped}]

chip
     v 1: break off (a piece from a whole); "Her tooth chipped" [syn:
          {chip off}, {come off}, {break away}, {break off}]
     2: cut a nick into [syn: {nick}]
     3: play a chip shot
     4: form by chipping; "They chipped their names in the stone"
     5: break a small piece off from; "chip the glass"; "chip a
        tooth" [syn: {knap}, {cut off}, {break off}]
     [also: {chipping}, {chipped}]

Source : Free On-Line Dictionary of Computing

CHIP
     
        1. A early system on the {IBM 1103} or 1103A.
     
        [Listed in CACM 2(5):16 (May 1959)].
     
        (1994-11-15)
     
        2. {Constraint Handling In Prolog}.

chip
     
        {integrated circuit}