I think what he would mean by chip is a pre-programmed sports chip like one from a walkinshaw.
Some trivia for ya. Surprisingly enough a walkinshaw chip will work in a VN 6, no real performance gain, but a lot more fuel consumption.
The moral is you're better of getting your current chip re-mapped by a dyno technician. Performance gains and economy gains.
The other chip that he could've mean is a EMS (Engine Management System)
Like those manufactured by Haltech, MicroTech, MoTeC.
They're the kind you can hook up to a laptop to remap ignition timing, switch between two ignition maps whilst driving, log engine data such as o2 sensors, MAP sensors, Throttle position, boost sensors (if you're that way inclined). You can use it to automatically engage your Nitrous at a certain rev range, or give your intercooler a squirt of water at a certain air temp.
That should give you an idea anyway.