In this paper the slip phenomenon is considered as a stochastic process where the polymer segments (taken as Hookean springs) break off the wall due to the excessive tension imposed by the bulk fluid motion. The convection equation arising in network theories is solved for the special case of a polymer/wall interface to determine the time evolution of the configuration distribution function psi (Q, t). The stress tensor and the slip velocity are calculated by averaging the proper relations over a large number of polymer segments. Due to the fact that the model is probabilistic and time dependent, dynamic slip velocity calculations become possible for the first time and therefore some new insight is gained on the slip phenomenon. Finally, the model predictions are found to match macroscopic experimental data satisfactorily.