1) N. Opposite of the "l337 speak" word l337. Not in good standing, poor performance, uncool or uncouth.
2) V. To show the loss of one's l337 status.
d3l337 is not to be confused with "d3l3373" which would imply the deletion of a file.
1) You can't make it to the party? That's d3l337.
2) Damn, I just got d3l3373d!