1.Dogs who have compassion for elegant watches (and for being good protectors) you usually people ask for advice on what kinda watch matches their outfit.
2.Or it can mean a person watching every steps you make, and report to some big boss.
Overpaid Upper Middle Class Suburban Fuck: Hey my watchdog, i'll have a meeting soon do not let anyone into the yard.
Watchdog: (barking) : Hey you shoul have pick the "Vacheron Constantin Malte Silver Dial Men's Watch" you overpaid upper middle class suburban fuck.
Overpaid Upper Middle Class Suburban Fuck: Attaboy
2.
Kane: What's the phone for?
Lynch: I'll be reporting back to them every morning and night
Kane: Great, a lurking watchdog...
(quote from Kane&Lynch Dead Men)