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1.
The greatest club known to mankind. Those that are fortunate enough to become involved get to participate in regional, statewide, and even national competitions. The mathletes compete against other dorks (yes, we are completely aware that we're dorks) and spend Saturdays with a calculator and pencil as their closest companions. Great friends are made through math club, and there are dire consequences for any negativity regarding this extracurricular. Many math clubs have morning practices, in which the mathletes have a chance to show their devotion by waking up early to do math before school starts.
From "Mean Girls:"
Cady: I think I'm joining the Mathletes.
Regina: No! No, no. You cannot do that. That is social suicide. DAMN! You are so lucky you have us to guide you.
(In reality, Regina has no idea what the true meaning of math club is or mathletes, in this instance)

I am SO excited to wake up at 6 am on a Saturday for math club! (note the lack of sarcasm)

I calculator math club!
by Spoons December 30, 2004
 
2.
A club of all the people you want to beat the shit out of.
"Hey! There's the Math club, let's go beat the shit out of them!"
by JEOs July 30, 2009