One of the oldest unresolved problems in fluid mechanics is the nature of liquid flow along solid surfaces. It is traditionally assumed that across the liquid-solid interface, liquid and solid speeds exactly match. However, recent observations document that on the molecular scale, liquids can slip relative to solids. We formulate a model in which the liquid dynamics are described by a stochastic differential-difference equation, related to the Frenkel-Kontorova equation. The model, in agreement with molecular dynamics simulations, reveals that slip occurs via two mechanisms: localized defect propagation and concurrent slip of large domains. Well-defined transitions occur between the two mechanisms.