Definitions from Wiktionary (blip)

▸ noun:  (electronics) A small dot registered on electronic equipment, such as a radar or oscilloscope screen.
▸ noun:  A short sound of a single pitch, usually electronically generated.
▸ noun:  (by extension) A brief and usually minor aberration or deviation from what is expected or normal.
▸ noun:  (Internet, historical) An individual message or document in the Google Wave software framework.
▸ verb:  (intransitive) To make a short beep sound.
▸ verb:  (intransitive, informal) To change state abruptly, such as between off and on or dark and light, sometimes implying motion.
▸ verb:  (transitive) Synonym of bleep (“to replace offending words in a broadcast recording with a tone”)
▸ verb:  (automotive) To apply the throttle briefly when downshifting, to provide a smoother gear transition and prevent wheelspin.

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