Escaping data - stripslashes, strip_tags

Escaping data has nothing to do with strip_tags or stripslashes. These functions filter certain characters out of a string while "escaping" encodes certain characters so they won't be interpreted by a browser or database.

You can use strip_tags to remove HTML tags in strings being sent to PHP from the browser. Better yet, you could also safely store the same data without passing it through strip_tags if you use htmlspecialchars to escape any characters that could delimit tags when you send the data back to the browser.

stripslashes removes slashes from a string, and you only need to worry about it if "magic quotes" are enabled. It's a hold-over from an earlier time when the PHP devs naively assumed every piece of data coming from the browser was destined for a database and that developers couldn't be trusted to escape the database themselves.

Isn't strip_tags enough to filter any xss stuff and such things?

Nope. The only safe way to filter out XSS stuff is htmlspecialchars(), although I see many recommendations to use strip_tags() in addition.

See e.g. discussion in this question: Is preventing XSS and SQL Injection as easy as does this…

What the stripslashes is supposed to do in this context, I have no idea. It is probably an attempt to undo the effects of the now-deprecated magic quotes function - but this should never be applied without checking first whether that particular function is enabled.

When magic quotes is on it will automatically escape quotes in all of the POST, GET, etc. variables. stripslashes removes those before you use the data. Strip tags tries to remove all of the html tags.