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1337 - Hacker "Sp33k" for leet, or elite. Originating from 31337 "eleet", the UDP port used by Dead Cow Cult, a hacker group, to access Windows 95 using Back Orifice, a notorious hacking program.
Its getting overused now. Kinda like n00b. A n00b used to be someone new to a game, now a "n00b" is pretty much everyone. Now anyone that can get a nuke is "1337"......