I know 〜はどう言う意味ですか？ but how might you ask this question in a casual setting among friends?
A phrase like this can be asked a lot of ways, in a casual tone.
Simplest I think would be:
This can be used both for meaning and also identification of objects.
If you want to be specific about asking for a meaning, I'd try:
Or, say, something with two possible meanings, I'd go with: