alternative spelling of Gypsy. OED gives it precedence, and it is the main form for the word's entry in Century Dictionary, but Fowler writes that "the first y is highly significant, reminding us that Gypsy means Egyptian ...."

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Definitions of Gipsy from WordNet
gipsy (n.)
a laborer who moves from place to place as demanded by employment;
Synonyms: itinerant / gypsy
gipsy (n.)
a person who resembles a Gypsy in leading an unconventional, nomadic way of life;
Synonyms: gypsy
Gipsy (n.)
a member of a people with dark skin and hair who speak Romany and who traditionally live by seasonal work and fortunetelling; they are believed to have originated in northern India but now are living on all continents (but mostly in Europe, North Africa, and North America);
Synonyms: Gypsy / Romany / Rommany / Romani / Roma / Bohemian