twip

from The Free On-line Dictionary of Computing (8 July 2008)

twip

   <unit, graphics> (TWentIeth of a Point) 1/20 of a {Postscript
   point}, or 1/1440th of an inch.  There are thus 1440 twips to
   an inch or about 567 twips to a centimeter.

   Twips are used in {Microsoft} formats and products, notably
   {Rich Text Format}, {Visual BASIC}, {Visual C++}, and {printer
   drivers}; and in {IBM} {AFP} products.

   Twips were devised in the olden days to describe the sizes of
   characters produced by {dot matrix printers} that were
   constrained to multiples of either 12 or 10 dots per inch.

   [Is it definitely relative to a __Postscript__ point, as opposed
   to one of the other definitions of {point}?]

   (2002-03-11)

from V.E.R.A. -- Virtual Entity of Relevant Acronyms (June 2006)

TWIP
       [one] TWentIeth of a Point [1 inch = 72 points] (DTP)