The term IT CAN BE STRIPPED OR CHIPPED can be solved by the five-letter word PAINT. PAINT is a material that is used to color and protect surfaces, such as walls, wood, metal, and concrete. It is made up of pigments, binders, and solvents. PAINT can be applied in a variety of ways, including brushing, spraying, rolling, and dipping. It can also be stripped or chipped off of surfaces when it is no longer needed.