This term is used when one is attempting "1337 Sp33k", or trying to bypass a swear-word filter in a game/chatroom.
This is the word of choice for 30 year old everquest-playing pedophiles.
<SxCGuRL91> OK.. U WANT TO COME OVER AND PLAY SPIN THE BOTTEL?
<PARTYBOY74> YES!!! Will you touch my pen0r?
<SxCGuRL92> WOTS THAT???!!
<PARTYBOY74> Does it matter?
<SxCGuRL92> K..... ILL TUCH IT IF U COME!!
<PARTYBOY74> K'thx. I'll come if you touch it. XD
J00bie from The Star Syndicate made this word funny and proper to use. Infact, J00bie makes my pen0r happy!
Comments: pen0r pen0r pen0r
Tim - cause you have cancer
Bob - im getting ready to rip off my pen0r