A device not unlike an airbag that would lessen the injury suffered by an individual who has just been knocked on his ass. First usage found in a skit on Styles P "A Gangster and a Gentleman".
A spin on the word "elite", common on IRC to describe someone or something that is very good, cool, etc. A spinoff of the chinese pronunciation of "elite" which is "ereet" because L's often sound like R's.