Indeed. But the correct spelling really should always include at least some numerical characters. Like 5uxx0r or r0XX0r.
And when something really r0XX0rs, you say it r0XX0rs your b0XX0rs and knocks off your s0XX0rs. And then you should end it with about ten exclamation points, being sure to let your finger off the shift key for a few, so it comes out like !!!!11one1!! Oh, and be sure to spell the as teh as often as possible.
Hmmm, I guess no one's really answered the question yet though. It's really a joke on Usenet losers who use "chatspeak" in their posts, can't spell, and do other bonehead things, like using no caps or punctuation or whatever. And are way too excited about whatever they're talking about.