Downloading commercial movies or software for free. Comes from the word elite, a term to describe a skilled hacker, which originated from the "elite" sections of dial up BBS systems which only an elite few had access to, and which usually contained text files on hacking, warez, etc, and tip, A way of being or feeling.
Person 1: Hey, did you go out and watch the new Angelina Jolie movie at the theater?
Person 2: Nah, I already got it on the elite tip.
Person 2: Nah, I already got it on the elite tip.
by knarflr the garthoc February 22, 2012