The tip is the most sensitive, and in many respects, the most important part of the penis. Examples of its importance include the fact that the tip is the part that received the bulk of attention while being the recipient of oral sex given by a woman (or, hey, by a dude) who can't take it farther than that without gagging. It is, as well, the ultimate nozzle on the urinary firehose (technically called the external urethral orifice).

It is somewhat fortunate, then, that it is biologically impossible to have a penis without a tip. Evolutionary biology reveals that the earliest penises in the animal kingdom had tips. Even if you were to chop off the tip, whatever was left after the chop would be the new tip, although it would nowhere near as effective or pleasant of a tip as the one that the your penis came with. Unless, naturally, you were to chop off the entire thing, but then you wouldn't have a penis without a tip; instead, you would just have no penis. Note that if you are a girl, you already have no penis. Your vagina, in that case, doesn't have a "tip" -- I mean, what would it be? The clitoris? The most extensive protrusion of the labia? This is a question which demands far more extensive study, beginning immediately.

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A fellow noder wisely opines upon my medical error as to the chopping-of-it-off: "The penis extends a fair distance back within the body, even when it's fully erect, so cutting off all of the external shaft doesn't even remove the penis entirely. This is part of how "penis enlargement" surgeries work. They sever some of the connections to the muscle that holds the penis in place, pull it out, and then do some remedial action to hopefully not cause scarring/loss of control/etc." Ah yes those are some very true facts. Note, please, that this writeup is not intended to be read as, um, entirely literally correct. Do not try this at home!!