包 Bāo means 'bag; to wrap'
抱 Bào is 'hold (someone)'

跑 Pǎo is 'run'
泡 Pào is 'bubble'
炮 Pào is 'cannon, firecracker'
Common words including these characters are:
包子 bāozi 'steamed stuffed bun'

抱歉 bàoqiàn 'sorry'
慢跑 mànpǎo 'jogging'
灯泡 dēngpào 'light bulb'
鞭炮 biānpào 'firecracker'