Microsoft.com: A parent's primer to computer slang
Somebody, uh, had to do this, I guess... In all seriousness, though, it's pretty ridiculous, considering the sheer amount of variations on the leetspeak theme that kids have created and continue to create. "Not difficult to translate"? Bah. Good luck "protecting" your children...
'While it's important to respect your children's privacy, understanding what your teenager's online slang means and how to decipher it is important as you help guide their online experience. While it has many nicknames, information-age slang is commonly referred to as leetspeek, or leet for short. Leet (a vernacular form of "elite") is a specific type of computer slang where a user replaces regular letters with other keyboard characters to form words phonetically—creating the digital equivalent of pig Latin with a twist of hieroglyphics.
Leet words can be expressed in hundreds of ways using different substitutions and combinations, but once one understands that nearly all characters are formed as phonemes and symbols, leetspeek isn't difficult to translate.' (Microsoft.com article)