The origin of such word is Greek for "strange voice."
This term has come to mean the following:
A major tool.
A shady individual.
A failure or newb.
Someone who has low self esteem and intelligence.
Someone who stabs friends in the back for the phat lewtz.
In programming, a coding standard where all variables are tagged so you can tell their datatype by looking at the name. Microsoft likes hungarian notation, I do not. It is useful when naming GUI objects though.
Zipper Interactive is the company that develops SOCOM. SOCOM 3 is one of the buggiest games ever created. A player can be doing good and then the bugs in the game will screw him over. This term is similiar to wtfpwn.
Player1: I was owning kids up last game and still lost 50 rating points.
Player2: Damn dude, you got wtfzippered.