Usually used in online videogames when a player gets killed so many times that he yells or "rages" at the computer monitor, which is usually followed by an alt+F4 or a "User has disconnected".
The act of getting so angry with a game that you quit and put in a new, usually completely different game just to make yourself calm down.
Bob: What happened?
Tim: Dan did a rage quit game change. He got so pissed of at the noobs on COD that he took the game out of his xbox, threw it across the room, and put in need for speed
When a gamer gets owned very bad or killed many times, that he/she becomes frustrated, yells and quits the game. Often found in Call of Duty, Halo, and Counter Strike.