вот так работает:
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<script src="jquery-1.3.2.min.js" type="text/javascript"></script>
<script src="jquery.flip.js" type="text/javascript"></script>
<script src="jquery.flip.min.js" type="text/javascript"></script>
<script src="jquery-ui-1.7.2.custom.min.js" type="text/javascript"></script>
<script type="text/javascript">
var Flip;
$(document).ready(function(){
Flip = function ()
{
var el = $("#id5");
console.log(el)
$(el).flip(
{
direction:"rl",
color:"green",
speed: 150,
content: 'новый текст'
});
}
});
</script>
</head>
<body>
<div id="id5" onclick="Flip()">Что-то</div>
</body>
</html>