Unrelated to the word 'n00b' which is pathetic. l00b is a joyous word which can be used and/or applied to anybody but belongs only to the special ones.
Can be extended to l00bed/l00bricated/l00brication on special occasions.
Can also be used in the traditional sense of it's cousin word 'lube'. Altho using the word 'lube' immiediately bans you from using the word 'l00b' and makes you a 'l00b for life'.
1. Random: "Fuck you all ahaha, I shit on your mum's face after I fuck her"
Cool dude: "Just so long as you used l00b."
Other cool dude: "lol yeah haha what a l00b"
2. Random#2: "ow man you got me good"