It is when someone screws you over; such as in the show Price is Right. You bet 1200, and the dick after you bets 1201, thus eliminating your chances of winning unless the price is exactly 1200.
I was gonna get a cream doughnut but the dick in front of me 01'ed me out of it. What a douche.
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.
Birl-01- The prime or first birl
"Oh ok asshole01 over here."-roughly translated 'You are the biggest asshole ever'