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1.
A loopback address; a non-routable IP address that is defined as referring to the "local" computer.

In other words, 127.0.0.1 is any computer you happen to be sitting in front of right now.
Localhost is usually set to 127.0.0.1
by phrawzty January 31, 2005
 
2.
The best place in the world: your home.
There's no place like 127.0.0.1
by LMB222 February 05, 2009
 
3.
The local IP address of your computer or Loopback address that can be used as practical on networking dumb user/n00bs. In situation when they mite looking for an IP address of a particular server,

Instead you be nasty and tell them 'try connecting to 127.0.0.1'
17:50 ThRaXx : u there?
17:50 thetron: why
17:50 ThRaXx : whats the dso ts ip?
17:50 thetron: 127.0.0.1
17:51 ThRaXx : k
17:51 ThRaXx : any passwords?
17:52 thetron: welcome
17:52 thetron: is the password
17:52 ThRaXx : k
17:52 ThRaXx : channel?
17:52 thetron: DSO Clan Channel
17:53 ThRaXx : yeh pw?
17:53 thetron: deadoralive
17:53 ThRaXx : k
17:54 ThRaXx : 127.0.0.1 - that the ts ip?
17:54 thetron: Yes yes yes !
17:54 ThRaXx : k
17:56 thetron: What happended? Did you connect
17:56 ThRaXx : i connected but it said couldnt connect or not running
17:57 thetron: Gezz i wonder why thats happened. I'm connected
18:02 thetron: Have you tryed connecting using the hostname localhost ?
18:02 ThRaXx : wha
18:03 thetron: localhost as the ip/hostname
18:04 thetron: Anything?
18:04 ThRaXx : you tried to trick me :P
by thetron June 10, 2005