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What is 1337 PwNaGe?
Describing something that is extremely good / skilled, especially in computer games.
i.e. I have a friend who is extremely skilled at Halo 3 on XBOX360. He is one of the highest ranked people i know, and can get 50 kills on me in the time it takes me to get 5. This, therefore makes me an epic fail noob, and him 1337 pwnage.