Originally, an old-school hacker term meaning "to gain control over someone else's computer/network by hacking thier root account and assigning yourself 'admin' permissions", which has more recently been mis-appropriated by script kiddies and gamers to indicate that they are better at a game than someone else, or some stupid shit like that.
None. Real hackers don't actually use the word themselves, it is always used by someone else *about* them.
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