An accidental or deliberate misspelling of the word 'porn'. Due to the common misspelling of the word, it has been accepted and encouraged amongst the online gaming community.
It was also used to get around keyword filtering such as in AOL's parental control.
This allowed all the children of the world to have access to all the porn (or pr0n) that is nessessary for a healthy childhood.
"dude, I found some wicked newfangled pr0n on the interweb"
Having a very powerfully visual trip after taking a hallucinogen. Be it mushrooms, acid, absinthe, etc...
Taken from the SouthPark episode Sexy Action School News, when they go into the pharmacy to buy some cough syrop to 'have some ideas' The pharmacist tells them "if you really want to trip balls" and suggests a certain brand of cough syrop to them. The episode later demonstrates said tripping of balls.
"oh man, I did some beeg, and now I'm trippin' balz!"