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 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.