"733T Speak" Is the Internet slang favored by gamers and hacker-wannabe's. Numbers serve as replacements for letters (3=E, 7=L, 4=A or sometimes H, 1=I, 5=S, 6=G, 0=O), The dollar sign "$" is an "S", but only when talking about MicroSoft (ie.
M$), and 8 replaces the letters "ate", such as "1 h8 M$" (I Hate Microsoft).
In addition to that, you add the AOL chatroom-spawned letter dropping and poor grammar, and you wind up with '733T', or (E)lite. B3c4u53 P30p73 w40 c4n r34d th1s n0t 0n7y n33d t0 g3t 741d, but 47s0 th1nk th4t th3y b370n6 t0 s0m3 br0th3rh00d 0f h4rdc0r3 c0mput3r h4ck3r5.
Thus 1337 is just gibberish and the joke about jaxvon insulting my mother (see Kennedy's "Ich bin ein Berliner" speech).