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1.
A term largely used in MMORPGs (Massively Multiplayer Online Role Playing Games) where you are given the chance to rebuild your character's ability set. This is often granted for free as a result of game changes over time that may have rendered your character weaker.

Some MMO's have implemented methods where you acquire an item to get a respec or you can pay with in game money for one.

This term originated in Dark Age of Camelot, where you distribute points into Specializations when you level.
As a Verb:
"I respec'd into Augmentation so I could be a buff bot."

As a Noun:
"Mythic gave Warlocks free respecs after they were nerfed."
by CSteel22 October 13, 2006
 
2.
The word used by Ali G (the character by comedian Sacha Baron Cohen in "Da Ali G show", USA: HBO; UK: Channel 4) instead of regular Respect word.
"Respec!" is something people forgot! You can't even find it in a dictionary!
by Borat Sagdiev November 28, 2006
 
3.
Instead of saying to your mates "Respect" about a fellow being, if that fellow being is wearing a RAD pair of Spectacles you then say "Respec"
Dude check him out, Respec!! Observing some dude with bo selecta specs.

Use it in your vocab 2day, its fresh :)
by kazuya555 April 23, 2008