Despite the unfortunate usage of the name, I think it would make a cute nickname for Philip. I love the name Phil, but something about this makes it sound so much more unique. I don't see this on an older man, but I do see it on a young mechanic or a child.
This is ADORABLE. I read this book called My Dear Hamilton and there was a character named Philip and they called him Flip. He was a minor character but he was fun.
Cute name for a pet but absolutely not done for a person. By the way, it is also a Dutch verb meaning "to freak out." So I think it is a bit weird to name your kid like that, if you're Dutch at least.