A pet, usually owned by people of a certian flamingly homosexual persuasion. In this sense, "ocelot" is most commonly used as an indicator of a lack of manhood, usually through the phrase "go walk your ocelot," or "your ocelot needs walking."
see also: Ocefelatiator
Tom: I say, that chap in the lime green polo and the Cubs hat falling down drunk on you is making it hard to enjoy this fine drinking establishment.
Dick: Indeed, he should remove himself from this bar to go walk his ocelot.
Harry (to chap in lime green polo): Sir, my friends and I would like to inform you that your ocelot needs walking.