Catloaf is a legendary symbolic icon. It is not to be confused with a loaf of cat, which is a more barbaric approach to duplicating a catloaf. Catloaf symbolises everything 1337, and pretty much represents all pseudo-intellectuals, it also gives some not-so-smart person the credibillity of sounding smart by including it in a post.
<1337Sexphwoar> Omg1337 catloaf!!111!!
<Demarest> very intelligent reply my good chap!