The BBC does a primer on what all those odd symbols mean in elite speak. I notice that they don't bother telling you how to pronounce any of them either, which is something I wouldn't mind seeing. It's my opinion that they just translate into the word it's bastardizing. For instance, h4x0r is just hacker and not hacks-sore as I've heard some say. That just seems even more idiotic to me. Like the article says, it originated from groups in the early internet days trying to keep their names from appearing in keyword searches of the average joe. Thus it's just like a form of crypto and you'd read/speak it as if you were decrypting it.

Or maybe I'm completely wrong. I don't claim to be one.
http://www.bbc.co.uk/dna/h2g2/A787917