This is the 16495th most frequent Russian word.
самолете
"Самолёте" means "airplane" (prepositional case, singular) in English.
The word 'самолете' here indicates the means of transportation used (airplane), in the prepositional case to denote location by means.
Я лечу в Москву на самолете.
I am flying to Moscow by airplane.
The word 'самолете' refers to the airplane being watched, and as it is the prepositional case, it is used to describe what they are looking at.
Дети с интересом смотрели на самолете из окна.
The children watched the airplane with interest from the window.
Here, 'самолете' indicates the location where the name of the airline is written, thus denoting position (on the airplane).