Source : Webster's Revised Unabridged Dictionary (1913)

Zip \Zip\, n. [Imitative.]
   A hissing or sibilant sound such as that made by a flying
   bullet.

Zip \Zip\, v. i.
   To make, or move with, such a sound.

Source : WordNet®

zip
     v 1: close with a zipper; "Zip up your jacket--it's cold" [syn: {zip
          up}, {zipper}] [ant: {unzip}]
     2: move very fast; "The runner zipped past us at breakneck
        speed" [syn: {travel rapidly}, {speed}, {hurry}]
     [also: {zipping}, {zipped}]

zip
     n 1: a quantity of no importance; "it looked like nothing I had
          ever seen before"; "reduced to nil all the work we had
          done"; "we racked up a pathetic goose egg"; "it was all
          for naught"; "I didn't hear zilch about it" [syn: {nothing},
           {nil}, {nix}, {nada}, {null}, {aught}, {cipher}, {cypher},
           {goose egg}, {naught}, {zero}, {zilch}]
     2: a fastener for locking together two toothed edges by means
        of a sliding tab [syn: {slide fastener}, {zipper}, {zip-fastener}]
     [also: {zipping}, {zipped}]

Source : Free On-Line Dictionary of Computing

zip
     
        1.  To create a compressed
        {archive} (a "zip file") from one or more files using
        {PKWare}'s {PKZIP} or a compatible {archiver}.  Its use is
        spreading from {MS-DOS} now that portable implementations of
        the {algorithm} have been written.
     
        zip is also the name of a {Unix} archiving utility compatible
        with {PKZIP}.  {unzip} is the corresponding de-archiver.
     
        See also {gzip}, {tar and feather}.
     
        2.  {Zip Drive}.
     
        [{Jargon File}]
     
        (1996-08-26)