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1.
According to Aurthurian Myth, the greatest, and most noble of all the knights of the Round Table. He was a freakin' badass, which is why Guinevere fell for him, and not Arthur. He could take on twenty knights by himself and every knight wished they could be like him.
Sir Bors: Look Gawain, there goes Sir Lancelot!

Sir Gawain: He's a total Badass aint he?

Guinevere:Oh that he is.
by Mr. Entity January 20, 2012
 
2.
When a well hung dude gets a prince albert, not to be confused with a Sir Lancelittle, a prince albert on a lesser endowed dude
John Holmes just got a prince albert!
(A Sir Lancelot)
by Anne Hartigan April 16, 2009