A version of the word "Later". It is commonly used online in chatrooms, IMs, RPGs, etc. It is not used in real life areas much because there is no exact known pronunciation.

This word has supposedly originated from a Dutch commercial about typos.
Username 1: Hey man sorry but I gotta go.

Username 2: Ok dude. loeter
by Luigi the Singing Choob May 16, 2009
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