There is no generic solution to this problem, as far as I know - different DBMSes have different way of achieving this.
In Microsoft SQL Server, you can use the ROW_NUMBER clause:
SELECT code FROM
(SELECT TOP 2 code, Row_Number() OVER (ORDER BY lastupdate) AS rownum
FROM Products) AS tbl
WHERE rownum = 2;
Oracle has a similar pseudo-column, called ROWNUM. However, the caveat here is that this value is computed before the ordering comes into play. Therefore, you would have to, once again, use a subquery:
SELECT code FROM
(SELECT code, ROWNUM rnum FROM
(SELECT code FROM Products ORDER BY lastupdate)
WHERE ROWNUM <= 2)
WHERE rnum = 2
Note that you cannot do a simple ROWNUM = 2
condition here, because it would never be satisfied - ROWNUM takes into account the number of actually returned rows, so if there never was a first returned row, ROWNUM will never reach the value '2', thus will never satisfy the condition.
In MySQL, this is even simpler:
SELECT code FROM Products ORDER BY lastupdate LIMIT 2, 1
(I am not familiar with MySQL, so I am not sure if the LIMIT will be calculated before or after the ORDER BY clause - would be great if someone else could confirm this).
Other DBMSes do it in an even different way.