Lao (third tone) and Er (fourth tone) in Mandarin Chinese has the literal definition of "old two", but used in the context of the Chinese language means either:
(1) A person's male manhood (slang)
(2) The second oldest in the family
Slang context, usually used amongst males: "My Lao Er is sore after that hottie last night"
Normal context, when a parent is introducing their son or daughter: "This is the Lao Er of my family"