http://www.microsoft.com/athome/secu...n/kidtalk.mspx
Excerpt:
A parent's primer to computer slang
Understand how your kids communicate online to help protect them
Published: February 4, 2005
While it's important to respect your children's privacy, understanding what your teenager's online slang means and how to decipher it is important as you help guide their online experience. While it has many nicknames, information-age slang is commonly referred to as leetspeek, or leet for short. Leet (a vernacular form of "elite") is a specific type of computer slang where a user replaces regular letters with other keyboard characters to form words phonetically—creating the digital equivalent of pig Latin with a twist of hieroglyphics.