A pompous and pretentious elderly person, often with a respected position in society such s judge or headmaster.
Derived from characters in the BBC TV series Dr Who. Time Lords appear human, but differ from them in many respects. They are extremely long-lived. An alien in the episode School Reunion describes the Time Lords as "a pompous race" of "ancient, dusty senators... frightened of change and chaos"
That timelord wouldn't know the difference between Dr Who and Dr Dre