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1.
A fond name for, a personification of, or a euphemism alluding to an individual's real or artificial pecker. The King (Elvis) is reputed to have used the term to refer to his own dick.
Hey there, sugar-britches. Won'tcha come over here lay some lovin on Little Elvis?
Por Elvis Aron Presley 18 de mayo de 2005
 
2.
In gangsta circles, a Little Elvis is a gun, a gat, a piece.
Homey started talkin' way too much smack so I pulled out my Little Elvis and ended the argument
Por Johnny D 16 de mayo de 2006