Today, the word trick--when used as slang or as a label--is known as a derogatory term for women. Usually used by males, calling a female a trick can imply that she is a tease, a ho or a bitch.
However, trick hasn't always had this sexual meaning behind it. First introduced into the English language in 1412, the word "trick" was used to describe any act that was mischievous or devious. It didn't necessarily have to be an act sexual in nature. For example, think of the common Halloween saying, "Trick or treat."
In 1915, the word "trick" was first used to refer to a prostitute's client. This lead to the phrase "turning tricks," which is used to describe the act of prostitution.
Today, it is not uncommon to hear the term used in the media, especially in hip-hop music. Popular rappers frequently refer to women as tricks in their songs, such as the song "Baby If You Get on Your Knees" by the artist 50 Cent ("I ain't here hopin' that your baby daddy ova da shoulder/banks don't associate wit no tricks"). Another such artist is Trick Daddy, who happens to use the word in his stage name.
Females are not the only victims of this slur. In the gay community, a trick is known as someone who has casual sex. A 1999 film called "Trick," dealt with this subject matter when it portrayed two young gay men who randomly met on the subway and decided to engage in an affair.