Commonly used on IRC, it represents the statement 'bye to you'. Also used by geeks who want to sound like they are '1337 h4x0rz'
sniperman123: ight im gonna go for tonight
An alternate way of saying "bye". It can be used especially when you need to leave quickly or circumstances call for it. Literally, it means "bye to you", a more direct salutation than just saying "bye".
charles: i play world of warcraft