1) A group or class of persons or a member of such a group or class, enjoying superior intellectual, social, or economic status.
2) Someone who is often accused of being a hacker (due to superior performance) in online computer games. Derived from 1337.
Ernestus either a hacker or hes e1337. He get's the most random headshots -- Regarding Counterstrike (An online FPS)
That car is e1337 -- As a Ferrari drives by