Okay, I readily admit that the origins of this bit of nonsensica are pretty hazy. For those of you who can't read it, this term translates to "fear my caramel, dude". One day in channel, the topic of the moment was hackers, and specifically the ragtag gang of packetkiddies that Ira seemed to have particular sway over. I do not profess to understand what the deal is with replacing letters with numbers and spelling things weirdly (a tribute to broken keyboards? common password-disguising strategy? I dunno.) but I rendered this phrase as best I could in a hackeresque fashion. L4m3 or l33t? You decide.
I cannot remember in what context the original statement may have made sense (hackers and caramel?) but this is the only fragment that remains. It's an all-purpose non-sequitur (see: lemon curry?) that I use whenever the topic of hacking comes up. I know next to nothing about it, but it makes me feel included, like the guy who says the only words in French he knows even if it sounds a little lame to the French speakers around him.