Confused..

[katya91670.livejournal.com]

Sigh..I am a long time watcher of this wonderful and helpful community! I am posting for the first time because I am confused...so native speakers help me out here if you can..
I've been seeing the word "Превед" a lot especially around LJ. What does this is mean? Is it just a bad way of spelling hi? Is there a new slang out there that is getting popular? Why are they doing this? Is it on purpose?

Thanks for any information!..very confused...