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What does it mean to tip the shaft 1" 1.5" or whatever?

Tipping the shaft is to cut off an amount from the tip end. It is done to make the shaft play to a specific flex based on the clubhead being used.

1puttpar is exactly right. If you are cutting the shaft yourself, make sure you are reading the chart correctly. There is a difference if you are using a through-bore head.

Does tipping make it stiffer?

Yes. If one was between a regular and a stiff, you could tip a regular to make it a flex in between although most people don't need that precise of a flex, the PGA TOUR players do tweak their equipment to that degree.

Getting a shafted tiped will make it play ALOT stiffer, I had my driver tipped and it is as stiff as a poker combined with the high kickpoint and the degree it. I like it because of the penertrating ball flight.

What sort of flex are the shafts you are playing at the minute?

Im going to put a shaft in my driver. Im not sure which kind or anything like that yet. Im playing stock shafts regular flex on all my irons and woods (hand me down set from years ago).