Yes, nip is a Scrabble word!

Verb

1. Squeeze tightly between the fingers

2. Give a small sharp bite to

3. Sever or remove by pinching or snipping

Noun

1. A small drink of liquor

2. (offensive slang) offensive term for a person of Japanese descent

3. The taste experience when a savoury condiment is taken into the mouth

4. The property of being moderately cold

5. A tart spicy quality

6. A small sharp bite or snip