1) To have a similar cock to your father/mother.
2) To take an old man's cock, take a knife, and chop off a little piece.
Dad: Well Johnny, you're really a chip off the old cock.
Nurse: Okay Mr. Johnson, we need a chip off the old cock. Pull your pants down.
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When a magician shoots your shoulder, turning it to stone, and shortly afterwards your friend throws a baseball at you, assuming you can catch it, but you cant because your shoulder is stone, so it hits it, and chips it. And in the ensuing rampage that you enter after having your shoulder inadvertently chipped, you accidentally kill your girlfriend.
Brandi: DANG. i was replaced within 20 seconds. That's a record!
Austin: No chip off my shoulder
Brandi: X_X
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When ones father and son are both getting more action then there wife/Girl friend.
Did u hear about what happened to Henry and his son?
No what.
They both got caught cheating.
Aww i didnt think his son would be a Chip off the cock.