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1.
A system in MMORPGS which determines what character a particular mob will attack. Threat is gained during an encounter generally by attacking, healing, or taunting. For instance, threat in the MMORPG World of Warcraft is gained at a ratio of 1 damage:1 threat and 2 effective heals:1 threat before talents. Generally tanks have abilities that may have a 1 damage:5 threat ratio or greater, allowing them to keep aggro without having to be the highest dps. If enough threat is gained by a particular person, they will "pull aggro."
"This tank's is amazing, I pulled 13,337 dps and I never got above 60% threat!"
by URTV667 November 07, 2009
 
2.
Roughly speaking, great, with connotations of being so great it's threatening. Origin in the phrase "triple threat---singing, dancing, acting."

Superlative: bomb threat
This party's threat, yo.
Take a sniff of this coke, bro; it's the bomb threat.
by misterbailey October 28, 2007