Meaning "Elite", which on the internet is spelled "31337". This was then shortened to "1337" or "l33t" and pronounced "Leet". A l33t is one who "pwns" (owns) "n00bs" (players who are bad at a particular game) all day long locked away in their dark room, perhaps hacking a mainframe or two. Closely associated with h4x0rz (hackers) that are good at what they do.
I am teh uber l33t h4x0r that will pwn all teh n00bs! w00t!
October 11, 2005