A fork of Rural Dictionary
When one spray paints the top of they're penis with red spray paint
"While we were spray painting skateboards this crazy kid red tipped himself...Sounds painful!"
An Australian piece of slang to indicate that whatever the tip is is extremely solid, like inside information or coming directly from the source.
I'll give you the red hot tip mate, Billy is getting the arse tomorrow, put your name into the ring and you might get a shot at his sheila.