There are 2 words in the Wordfinder answer.
As you have already been advised, the first word means tearing.
The second word is another word for stories (or wools).
The answer is associated with the "Monty Python" series.
I had never heard of it, I must admit.
HY Baldric,
Ripping Yarns was a tv series starring Michael Palin who played a different charactor in each episode (6 I think) and they really were Boys Own yarns extremely entetaing.
Cheers
Inq'