Personally I see nothing wrong with whatever they want to name it. They could call it Poodog and there are still households that will have two of them.
But it does open the flood gates, doesn't it? Especally with the addition of a single posessive pronoun:
"Wanna come over and play with my Wee? I'll let you go first."
"Dude, I love your Wee! I can play with it all day long."
Later...
"Okay, you've played with my Wee long enough. Here, let me show you how it's done."
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