clip (1) Look up clip at Dictionary.com
"cut," c.1200, from O.N. klippa, probably echoic. Meaning "rate of speed is c.1867. Noun meaning "extract from a movie" is from 1958.
clip (2) Look up clip at Dictionary.com
"fasten," O.E. clyppan "to embrace." Meaning "receptacle containing several cartridges for a repeating firearm" is from 1901. Meaning "piece of jewelry fastened by a clip" is from 1937. Also preserved in paper clip. Original sense in U.S. football clipping penalty.