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1.
Geek bling is a term referring to computer parts worn as jewelry. It is generally ostentatious such as a net card hanging from a necklace but can be subtle as well, often used is a memory stick placed on a keychain. The term was coined by a student of Oak Hill Academy when the members of a Microsoft class took to wearing various computer parts from old computers on their key chains or lanyards. Any previous origins are unknown. It is alternately referred to as 'geek bling-bling' or on occasion '111001110' (binary for 'ice'). There is also classic geek-bling such as bowties and pocket protectors, as everyone knows pocket protectors are the pinnacle of geekdom.
Me: Hey, check out my geek bling.

Basketball player: That ain't bling, that's just geek.
by Reagan Andrews (creator of the word) September 10, 2004
 
2.
When some one (usually already geeky in nature) wears a jump/flash drive on a lanyard around their neck.
"take off that stupid lanyard!"
"no man this is my geek bling!"

"oh crap! I can't do my work for CAD I forgot my geek bling"
by Bobby J October 19, 2006