Also a slang term for a game being late or delayed.
Valve are infamous for their long development cycles, with games that can be in development for as long as 9 years. Combined with frequent delays, these long development times have created the Valve time phenomenon.
Many in-jokes about these delays and long development times were formed. These jokes often make fun of the studio and Gabe himself, calling him lazy and mocking his weight. He is also pictured as a rather greedy man who wants to "keep Half Life 2 Episode 3 to himself" and commonly makes obscure excuses in order to delay it farther. One of the largest spin offs of this small meme is the nickname "Gaben".
Most users of these jokes are found in large Valve communities, such as the Team Fortress 2 community and the Half Life community.
A: "Why Valve aren't releasing Episode 3 yet?"
B: "Because Gabe Newell ate the Episode 3 game files."
A: "What happened to the new Left 4 Dead update? I should have been out almost 3 days ago!"
B: "Gabe delayed it again."