Leet is the all-alpha translation of "l33t" (the "3" is represented as a backwards "E"), broken down as "l" and "33t," and thus "elite." "leet" doesn't exactly become "elite" until you know how it breaks down. It is an online culture or attitude sometimes identified by frequent use of leetspeak (l33t5p34k, 133t, 1337, or l33t). Word used by hackers back in the days. It just happens Nintendo kept on going 1337 in the last few days.