1. Something alive capable of being killed.
2. In video games (Skyrim, Fallout III, etc) a character which the playable character is capable of killing. (Children cannot be killed in most games)
John: I kept stabbing this kid in Skyrim but he wouldn't die.
Jack: You need the killable children mod.
John: Oh really what's it do?
Jack: It makes children killable, idiot.