In modern day usage, it is referred to someone who is either a midget, cross-dresser, or transvestite.
Dude 1: "Dude, he's mad short."
Dude 2: "Word, I bet he has the Eelleinad."
*A prostitute is trying to get paid.*
Prostitute: "Cmon, I'll show you a good time."
Dude: "Hell nah bitch, you look like you got the Eelleinad."