infatuated teenage girl:OMG!ahhh,do you really love me sending me the text <3-?
abusive older guy: WTF! NO i don't you stupid bitch,i can hear green sleeve!i want you to go to the Mr Whippy icecream van and get me a 99,doubled flaked and dont you forget to sprinkle 100's and 1,000's on top!
This emoticon literally means "heart" since that is what it looks when viewed sideways. In IM language though, it's a less serious way of saying somebody you "love" them, or at least "care for" them. Even if you do really "love" somebody, you don't want to say it every minute and every day -- it gets old and may even scare him or her. So, use "<3" for normal every day conversations, reserving "love" during the times you really want the other to know you mean it.
1) i <3 you (I love you)
2) my <3 > your <3 (my ballbag is bigger than yours)
3) I wish I had an <3 (caution: could be misinterpreted as meaning 2)
4) I have <3 dollars