A spin on the word "elite", common on IRC to describe someone or something that is very good, cool, etc. A spinoff of the chinese pronunciation of "elite" which is "ereet" because L's often sound like R's.
Ah man, this new video card is ereet.
by Pael July 11, 2003
The m4d h4x0r pwned the b0x; he's ereet.
by flowctrl July 11, 2003