qTip2 and Drupal 6 troubleshooting
After doing some research, it turns out that there is active development being done in the jQuery_Update module. Specifically, you may reference this post .

The issue with the jQuery_Update module is that it would only update your Drupal 6 jQuery install to v. 1.3.0. With the patch that is applied in the aforementioned post, you are able to update all the way to jQuery 1.7.

An alternative to this solution would have been to load jQuery from another location and use the noConflict() function. Drupal has some excellent documentation regarding this.