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1.
Despite claims that the term came from A 21 Jump Street episode, a Fallout Boy song, or the movie High Fidelity, the term comes from the hardcore band Fugazi, who uses it in their song "Nice New Outfit."

"You're number one with a bullet,
That's money well spent,
Your mouth plastered like poster,
Address yourself success. "
You're number 1 with a bullet - Fan 01
That's money well spent - Fan 02
Your mouth plastered like poster - Fan 03
etc. . .
by P.h.D. Sean Cody Davis February 11, 2010