it means "leet" which was shortened from the word "elite" and is now said like "1337"
1 = L
3 = E
4 = A
5 = S
7 = T
0 = Most Other Vowels

(wow, thats strange, look how the letters turned out to spell "LEAST"!)
C4n j00 5p43k 73h 1337z0r5!?!?
by Chaz0123 August 25, 2005

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If j00 d0nt kn0w w47 1337 m34ns th3n j00 4r3 t3h ub3r n00b
I |2 t3h 1337 h4x0r, j00 jus7 got pwn3d
by Dahui August 01, 2005

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Same meaning of "loot" in MMORPG world. Known this since Everquest 1.
This is good l33t!!
All l33t belong to me!!!!
by Kill-K May 18, 2005

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more commonly refered to as n00b
Script Kiddie: I R l33t h4x0r! ph34r m3!
Random Person: Yeah right n00b
by Mike123 August 26, 2005

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Leat. An artificial water channel leading to or from a mill.
When I was younger, I enjoyed peeing in L33T
by Lt. Handjob September 09, 2005

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