A story is going around about a clueless hacker who gets mad with a chat-room moderator and tries to take revenge. He asks the moderator what his IP address is. The moderator tells him it's 127.0.0.1. The hacker apparently doesn't realize this number is geek-speak for home. It's the IP address of whatever computer you're currently using. Try to connect to it and you'll simply connect to your own computer. So the hacker plugs 127.0.0.1 into his hack-tool and then begins to gloat as he sees the hard-drive of the computer he's connected to disappear. He doesn't realize that he's erasing his own computer:
"I can see your E: drive disappearing, he gloated, "D: is down 45 percent!" he cried, before disappearing into the ether."
Hard to say if the story is true or not. The original version of it is in German. Slashdot has a lot of discussion about it.