The term "nip" has multiple meanings depending on its context.
1) It can refer to a brief, light blow or touch, as in "He gave me a nip on the arm."
2) In some regions, it is used to describe a small amount of alcoholic drink, usually consumed quickly, such as "Let's have a quick nip at the bar before we go."
3) It can also refer to a brief period of time or activity, for example: "I just need a nip of time to finish this task."