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1.
when someone playing a video uses something pussylike or underhanded to gain an unfair advantage over other players who prefer to keep their morality intact and usually results in many insults directed at the person using such tactics
people playing the level rust in CODMW II

"dude someone called in a helicopter, leet hacks"

people playing halo 3

"dude, bitch just killed me with a needler, leet hacks"
by ur spooop December 25, 2009
 
2.
means extraordinary skills or extraordinary amounts of awesomeness
nerd 1: I'm totally leet hacks at halo

nerd 2: lol yeah right I'll whip your ass in team swat.

nerd 1: this map is totally leet hacks!!!!
nerd 2: Yeah! It took like 4 hours to build!!!!!
by leet haxor mann October 30, 2009