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1.
A person or persons who have achieved a level of fame or recognition from the Internet. Known ways are via: YouTube, MySpace, Blogs, Personal Web Pages, or iTunes. Can also be written "webfamous"
"Hey they looks familiar"
"Yea, those are the guys from that video on YouTube"
"Wow, I wish I was Web Famous."
by heyitsac July 06, 2008
 
2.
Famous on the internet or mainly from the internet. Sometimes, famous enough to spill over into other media such as televsion.

pronounced like "infamous" NOT like the two words "web" and "famous"
His blog is so widely read, it's made him webfamous. NBC news even quoted it!
by Jaime Choo the JUBU July 12, 2008