Fellow, having an edge, lost it (7)

I believe the answer is:

flipped

'lost it' is the definition.
(both can mean became very angry)

'fellow having an edge' is the wordplay.
'fellow' becomes 'f' (abbreviation - of a society etc.).
'having an edge' becomes 'lipped' (with a lip or edge).
'f'+'lipped'='FLIPPED'

(Another definition for flipped that I've seen is " Tossed coin or slangily lost temper".)

I've seen this clue in The Guardian.

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