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1.
The resultant offspring of a intimate liaison between 2 ships. The usual gestation period is the time in which it takes to consume 2 vodka and cokes, a small rose and a orange and passionfruit J20.

or

The most heinous swearword known to mankind. Far, far worse than anything a certain stunning young lady had ever previously uttered whilst driving.
'Awwww, look at that Shiplet, isn't it cute.'

or

Ohhhh, okay, don't bother indicating then, you effing Shiplet!'
by Danonymous85 September 11, 2011