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1.
Online gaming store/client/DRM service created by Valve corporation. Games can be bought on Steam, and there are often game sales and bonus pack deals for promotions (Bioshock sold for $10.00 on Boxing Day). There is also a social networking aspect a la Facebook, where you can make friends, join gaming groups, etc.

There are a growing number of games which are using Steam for DRM purposes. These games are, once installed, tied directly to Steam and not your computer. The pro to this is that you can play said game on ANY computer with Steam installed using your account. Games also update themselves automatically. The con is that is that Steam has to be running for the game to play, althought offline mode exists.

The other definitons are outdated and don't represent the improvements Steam has made over the years.
Steam is a great gaming service and the least obnoxious forms of DRM. Yes it is still rather slow but the pros truly outweight the cons. Secu-ROM can burn in hell.
by failspy February 18, 2009
 
2.
A one-shot-one-kill weapon usable by gaming companies to kill a game. See "awp".
Valve1-0 killed Counter-Strike0-1 with "STEAM"
by Willy January 11, 2004
 
3.
1. Noun. The gaseous form of water, H20.

2. Noun. An excellent idea that manifested itself in an extremely buggy and sometimes stupid program. Automatic patching? Great! A friends network? Why didn't they think of that before? A program slower than a sloth? Not good.
1. James Watt was principle in the development of an engine working using the pressure of super-heated steam.

2. Steam took too long to update itself, so the uber-1337 WON veteran Jimmy smashed his computer, before realising that he could just shut down steam and play Counter-Striike 1.5

Why does Friends Network work only about 25% of the time?
by Comrade Dmitri March 03, 2004
 
4.
A program or web service that gains a poor reputation for being released in a buggy or incomplete state, and which then gradually improves until becoming a powerful tool/platform but cannot lose the negative stigma.

e.g. Steam, Windows 9x, Warcraft 3 beta, Star Wars: Galaxies
Forget CZ, if we release now we'll get a good STEAMING from out customers.
by Varsity September 07, 2004
 
5.
A way of ruining games quickly and efficiently, without having to confront the people who play it.

A piece of shitware which forces you to connect to DDoS'ed servers.

An idea originally thought up by Hitler

Shit.
Holy Steam, it's happening again!!!!
by Blind Fate August 09, 2004
 
6.
The piece of sh!t VALVe designed. Steam started as a VERY buggy program. After Steam deleted all the HL files from your HL folder, people found that Steam is the worst piece of sh!t ever made, but they had to stick with Steam after they had no more HL files. Not only that, Steam downloads upgrades and other crap without notifying you about it at ALL. That means that if someone can hack into the download manager of steam, they can put viruses, spyware and all the other sh!t they want without you knowing it. MILLIONS of people support that and all the other facts why steam is crap.

P.S. Satertek STFU with your double definitions
Man, this is so steamy..
by Anonymous October 02, 2003
 
7.
A program that let people organize every half-life related game. which takes a million years to load. steam also comes with an anti cheat system called VAC, which also sucks.
Thank you for Choosing SteamING PILE OF SHIT
by Steam Hater March 29, 2005