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1. Sarcasm
2. What people with no lives think about the internets
We were shocked when that n00b didn't realise the internet is serious business :O
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An extremely popular Internet catch phrase. Not necessarily typed in all caps. Sometimes shortened by omitting "THE." Also sometimes used with an intentional mispelling of "THE" as "TEH."
Many people think that having heated debates over the Internet is a pointless waste of time, no matter what the topic of discussion might be. Thus, this catch phrase was born. At times, the phrase makes a valid point. However, there are many people who overuse the phrase, thereby degrading it's merit and humor.
Person 1: I'm right and you're wrong!
Person 2: No, I'm right and YOU'RE wrong!
Person 3: THE INTERNET = SERIOUS BUSINESS
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