it means "leet" which was shortened from the word "elite" and is now said like "1337"
1 = L
3 = E
4 = A
5 = S
7 = T
0 = Most Other Vowels

(wow, thats strange, look how the letters turned out to spell "LEAST"!)
C4n j00 5p43k 73h 1337z0r5!?!?
od uživatele Chaz0123 25. Srpen 2005
If j00 d0nt kn0w w47 1337 m34ns th3n j00 4r3 t3h ub3r n00b
I |2 t3h 1337 h4x0r, j00 jus7 got pwn3d
od uživatele Dahui 01. Srpen 2005
Same meaning of "loot" in MMORPG world. Known this since Everquest 1.
This is good l33t!!
All l33t belong to me!!!!
od uživatele Kill-K 18. Květen 2005
more commonly refered to as n00b
Script Kiddie: I R l33t h4x0r! ph34r m3!
Random Person: Yeah right n00b
od uživatele Mike123 26. Srpen 2005
Leat. An artificial water channel leading to or from a mill.
When I was younger, I enjoyed peeing in L33T
od uživatele Lt. Handjob 09. Září 2005

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