It is a statistic called Walks plus Hits per Inning Pitched and is calculated like it sounds - add up all of the hits a pitcher has allowed and all of the walks allowed, then divide that number by the innings pitched. The best ever was 0.737 by Pedro Martinez in 2000. League average is usually around 1.4.
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i was looking for the same thing a while ago. if i can remember correctly it stands for - Wins, Hits, innings pitched
WHIP stands for Walks plus Hits per Inning Pitched.