it’s typed when someone thinks that s/he can be funny, and since you press shift and 1 when you want to make a ! symbol, if you forget to press the shift, a nice 1 will appear. but there’s no point in typing the whole “one” word, however.
someone that wants to be funny: lol !1!1one!
the one who will pwn the guy who wants to be funny: wtfh does !1!1one! mean?
the first guy: look at the definiton -_-

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Disclaimer: !1!1one! definition / meaning should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. All content on this website is for informational purposes only.