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A nip slip is a term frequently used by the celebrity press to describe an accidental, public reveal of a woman's nipple. It can also be known as a "wardrobe malfunction", a phrase that gained popularity after the 2004 Super Bowl when Janet Jackson's breast was accidentally revealed while performing the half-time show.
Nip slips happen to a lot of women; most of them aren't caught on camera like they are with many celebrities, including Lily Allen, Demi Moore, and Christina Ricci. One of the more infamous nip slips happened to Tara Reid when she accidentally revealed her whole breast and stood there with the paparazzi taking pictures for a full 10 seconds. The best way to prevent a nip slip is to wear a supportive, well-fitted bra.