1. Iron Pipe Size. Commonly used to measure brass and galvanized piping. Sized at the fitting, by its Inside Diameter. Pipe & Tubing Size Help | Signature Hardware 2. inches per second. An expression of open reel and other magnetic tape speed. Professional Reel to Reel recorders ran at up to 15 ips, with lesser quality speeds at 7 1/2, and 3 3/4. Eight-track cartridges were 3 3/4. The cassette tape ran at 1 7/8 ips. 3. Instructions per second, usually MIPS (Millions). A measure of a processor's speed. 4. Intelligent Power System dimmers. Distributed by Rosco until the line was spun off into Entertainment Technology.