.PIP File Extension
Office Personalized Settings File
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What is a PIP file?
Preference file used by Microsoft Office programs to store "Personalized Menus and Toolbars" settings; created by each Office application by evaluating what menu commands are used most; only commonly used commands are displayed in a shortened version of each menu.
PIP files are saved in the Application Data\Microsoft\Office directory and are named [program].pip. For example, Microsoft Word's menu settings file may be named "Word.pip" or "Word2.pip."
NOTE: The menu options in Office programs can be manually customized by selecting View → Toolbars → Customize, then clicking the "Options" tab.