Yes, leet means elite. Shut the fuck up about it already. Your insulting or not insulting definition isn't worth putting in just becuase you (just like everybody else) know that stupid little fact. It also isn't funny.
Yes, leet is a language, now used by gamers, some deserving of using such a language and some not.
As for origins, it started with hackers who DIDN'T create a language when the hacked into Microsoft or whatever shit was put before. In fact, it was used in a sort of sub-text that is included in coding so that hackers who send lines of code to each other would know what it did while others would not.
Generally speaking there are two forms of leet; soft and hard core. Softcore can range from simply staggering the case of letters to substituting as many letters as possible for numbers. Hardcore leet involves substituting every character for one or more symbol, creating a complex, purposefully nearly unreadable language that attempts to make symbols look like letters.
Despite apparent popular belief, it is not stupid or idiodic, at least when used in moderation and in context. Would you seriously take your opinion from somebody as illiterate as those who posted the shit they did? Please.
n: a language originally created by computer hackers to communicate through their coding while others could not do such a thing. It misspells words that have been commonly misspelled in English, such as "Teh". It also spells most words phonetically, making it as easy to type in leet as possible. When a word ends in "X" or "cks", it is suitable to put an "orz" at the end. DO NOT put this on the end of every word. leet is also a very flexable language, so you can make your own words and modify the English language (teh smecks is a common substitute for sexy) in any way you see fit as long as it's close.
adj: superior; elite.
If I missed anything, fuck it, I'm tired.
adj: That dude's so leet!
Leet speak grew and became popular in online games such as Doom in the early 1990's as a way of suggesting that you were a hacker (h4x0r), and therefore to be feared.
Leet, or 1337, is a short form of "elite," commonly used by video gamers to suggest that they are skilled.
Generally, "leet speak" is not used these days by anyone who could actually be considered "elite." Leet speak has been widely adopted by North American culture and these days is used by pretty much anyone. (Aka., n00bs.)