the term 1337, also "leet", is used to describe somthing of excellent quality "this pwnage is uber 1337(leet).
This is a language typically used in internet gaming and some people stereotypically this its only used by a select few called "Nerds".
But, leetspeek, also leetspeak is used pretty much by all internet gamers and is not in any way a "Nerd Term"
as some call it.
"He is so 1337"
"Man that pwnage was so ubern 1337ness."