It is when someone screws you over; such as in the showPrice is Right. You bet 1200, and the dick after you bets 1201, thus eliminating your chances of winning unless the price is exactly 1200.
The term '01' stands for 0121 do one, and is commonly used as a nice way of telling people to 'fuck off'. Generally '01' is followed by a derogatory term and is used by people who shorten almost every word in common tongue.
A suffix attached to any noun to signify this subject as a prime example of said noun. Can be continued using only odd numbers to describe multiple nubs. for instance: noun01, noun03, noun09 etc.