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theoryhammer 

Creating and promoting strategies for the Warhammer Fantasy or Warhammer 40,000 tabletop miniatures games without actually testing them on the battlefield. Most especially found on message boards.
Internet guy A: The Thousand Sons are unstoppable because they have two wounds.

Internet guy B: What a load of theoryhammer.

theorycraft 

Theorycraft refers to any game strategy that exists only in theory and never actually put into action.

"Theorycraft" originated from the PC game Starcraft. The term was coined after countless new players would argue with each other about how certain strategies were superior to other strategies without actually putting any of these concepts into practice. This later evolved into a game in itself, albeit sarcastically. From Starcraft to Theorycraft.
Player_1: hydras n lings own firebats
Player_2: Pfft, theorycraft
theorycraft by Scottie_theNerd April 6, 2005

Theorycrapping 

Theorycrafting done crappily.
Theorycrapper: You should never fight against 'reflect' monsters. If you have 4,000 life and they reflect 20% damage, then you would be 'one-shotted' by a reflected strike of a little more then 20,000 damage, which you could easily do.

Non-Moron: The game takes your damage resistances into account on all reflects. Your base damage resistance is 5% and if you have the recommended 75% damage resistance, then you'd actually need to do 80,000 damage in a single reflected strike to 'one-shot' yourself, which you can't do. Nice theorycrapping, though.

theorycraft 

A term for the PC MMORPG for World of Warcraft. Similar to the Starcraft definition in that it is based off of theoretic strategies. However, it differs in that it is based off the formula behind damage, calculating how much the average damage of an attack or spell will do.
"GUYS! The new spell will do 234-270 damage!"
"Yeah I'll believe that when it isn't Theorycraft."
theorycraft by MuffinmanMike August 2, 2006

theorycraft 

A nerdy term relating to discussions of hypothetical situations in a computer game. Originates from the Starcraft community and was later adopted en masse by the similarly geeky Warcrafters.
Ex1
Nerd 1: if ur a X n u Y every Z u fight u omgwtfpwn them every time, lolz!!!111eleven
Nerd 2: Well considering Z's don't exist yet, that's theorycraft

Ex2
Nerd 1: I'm sick of theorycrafters, don't they have anything better to do?
Nerd 2: Not really
theorycraft by Alasdair Slessor February 28, 2008

theorycrafter 

Someone who makes a spreadsheet with some made-up math and posts it on a discord channel.
You say you are a theorycrafter? Sorry, but I didn't see any of your spreadsheets yet.