clip (v.1) Look up clip at Dictionary.com
"to cut," c.1200, from Old Norse klippa, probably echoic. Related: Clipped; clipping.
clip (v.2) Look up clip at Dictionary.com
"fasten," Old English clyppan "to embrace," related to Old Frisian kleppa "to embrace, love," Old High German klaftra, German klafter "fathom" (on notion of outstretched arms), from PIE *glebh- "to roll into a ball" (see glebe). Related: Clipped; clipping. Original sense of the verb is preserved in U.S. football clipping penalty.
clip (n.1) Look up clip at Dictionary.com
"something for attaching or holding," mid-14c., from clip (v.2). Meaning "receptacle containing several cartridges for a repeating firearm" is from 1901. Meaning "piece of jewelry fastened by a clip" is from 1937. This is also the source of paper clip.
clip (n.2) Look up clip at Dictionary.com
mid-15c., "shears," from clip (v.1). Meaning "rate of speed" is c.1867 (cf. clipper). Meaning "an extract from a movie" is from 1958.