I am in my fifties, and I just completed a research project about l33t for a university course, so yeah, I speak l33t and I know an epic fail when I see one. I will not, however, be wearing my pants down below my waist. It's mom jeans for me.
I believe that the language will be changing significantly in the coming years as the l33t generation moves ahead. Already, Keith Olberman has a "WTF Moment" on his nightly newscast.