What It Scores
GIPS is a valid word in the tournament list this site uses. Tile values only, before any premium square: 7 in Scrabble and 9 in Words With Friends. The letters break down as G2 I1 P3 S1.
Anagrams of GIPS (1)
Same letters, different order. Any of these plays the same tiles for the same score.
Words Made From The Letters In GIPS
10 shorter words come out of these tiles. On a board that matters more than the long play, because a short word on a premium square often beats a long one on plain squares.
3 letter words (6)
2 letter words (4)
Longer Words Containing GIPS
GIPS appears inside each of these, which is what makes it worth knowing as a hook.
Next: the Word Unscrambler for any letters at all. Full entry and definition at Merriam-Webster.