flip

If you flip something you make a profit out of it.

Let's say you bought a 5-stick pack of gum for 25 cents and you sell every stick for 10 cents (giving you 50 cents) you just flipped the pack of gum.

I heard there was a show where people flip houses.
They buy some houses, fix them up then sell them for more than they paid.

So I guess you could flip anything, but when I hear someone say they flipped something I'm usually thinking about narcotics.
In the example, "pound" is probably a pound of chronic, cocaine, etc..

To sell someone out to the police in order to save yourself from criminal charges.

sell, push, in the best case scenario make a profit

In gay culture, to "flip" is to reverse one's typical sexual position when the situation warrants.

Originally a racial slur directed at Filipinos created by American Soldiers during WWII meaning "fucking little island people." However, many Filipinos today have come to use the term when referring to the word Filipino. Also, a recent ad campaign for a company in the Philippines changed the meaning to "Fine Looking Island People"

To go crazy, to go insane.

The B side on a vinyl record; shortened form of 'flip side', a reference to the physical act of flipping the record over to play the other side.