A figure of speech that is associated to a number in a list. Using this figure of speech indicates that the subject either ascended the list rapidly or is overwhelmingly dominant.
Despite the beliefs of asshat children that don't understand that slang existed prior to 2003, this phrase was not made popular by any specific song, let along a song by 'Fall Out Boy'.
This figure of speech achieved widespread usage in 2001 when the movie 'High Fidelity' was released. The movie was based upon a 1995 novel by Nick Hornby of the same title. Even prior to the release of the movie, many people used this phrase, but it was not widely understood by the general population.
The phrase "Number One With A Bullet" is the title of a 1987 movie and a 1990 episode of '21 Jump Street'.
In 2004 Rachel Bilson was #58 on the Maxim Hot 100 list. In 2005 she came in at #6 with a bullet.
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