Generally posed as a question, it literally means "One versus one", but is used to communicate that someone wants to take an issue to the gaming "arena" and prove his might and superiority. Essentially, its nerd for "You wanna take this outside?"
Nerd 1: HAha...I hax0rsizord joo..N00B!
Nerd 2: 1v1? (indicating he wants to take this to the "arena" and prove his superiority at gaming)
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