1) A Bae-Cow is a very big honor to call your girlfriend. By calling her "Bae-Cow" , making cow jokes about her and saying the word/sound "moo" very loudly in any word you say you are actually showing your affection in the greatest way possible.
2) Type of Onion
Boyfriend: "I think it's time to milk my Bae-Cow."
Girlfriend: "Moooo"