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1.
Bastardization of the phrase "nip it in the bud," which in turn means to stop something from happening by squelching it early on.
I am gonna have a lot of homework to do in a few feeks, but I will nip it in the butt(bud) by dropping out today!
von bill doe 27. Juni 2006
 
2.
Nip it in the butt is a bastardization of "nip it in the bud"

It has since turned into a joke phrase or a vulgarity meaning to have sexual intercourse in the anus.
Guy: Ya know that hot chick down there?

Guy2: Yeah. So?

Guy: Well I am gonna "nip it in the butt!"
von Why so many taken names... 30. Dezember 2009
 
3.
its the fucking word , not nip it in the bud. your just all stupid and have bad hearing
fuck jordan in the butt
von SAMRULES!!!!!!!! 14. Oktober 2004