What does TIPS mean?
To improve professional service
Other definitions of TIPS:
- to insure proper service
- Typical
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How to use the term TIPS:
Dude, Tony got dumped again. Tips.
More slang terms:

IETF
internet engineering task force

SRO
Standing Room Only

CHILAX
chill and relax in one word

OTN
Most usages of "OTN" on the Internet these days are of Japanese origin and refer by sound-alike to the Japanese slang terms "ochin" (child's testicles) and (especially) "ochinchin" (child's penis). The term is especialy used in the phrase "gigantic OTN" meaning that a boy has a very large penis for a person of his age. As of mid-2015, the term OTN is popular primarily because of the song "Gigantic OTN" (look it up on YouTube).