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An item or thing or someone who is the most elite (or leet or 1337). Leet Cheese is the pinnacle of eliteness.

The one who pwns the most.
Wow Conner, you really pwnt that noob. That was some fucking Leet Cheese! Eat some motherfucking Leet Cheese you little beoch!!! I OWN SOCOM!
by jlsleifslseflsienflseifn May 01, 2009
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