What is "Slip" mode?

When you engage slip mode, using the player to loop, scratch or reverse will maintain the realtime play position of the audio as if you had never entered those modes. In other words, if you were to create a loop of "1, 2, 3, 4" and loop it once, while the loop is playing, you don't hear the song progressing through "5, 6, 7, 8", and when you exit the loop, the next thing you hear is "9, 10, 11, 12".