what does it mean to be a "conservative Republican" these days?

From a friend of mine...

I consider myself a conservative republican, but today I believe that would make me a Libertarian by definition. It’s like the C.S. Lewis analogy of the term Christian and Gentlemen. A gentleman was only used in the past to describe a man with an estate, wealth, or coat of arms, now it means a nice guy. A Christian was one who follows the resurrected Christ, and now it means a nice guy. I’m not sure what the Republican meaning of conservative is these days. One who spends lots of money and gets poor results to boot.