I'm not american, but French. And I speak at least one other foreign (asian) language, so I do know that words could have a different meaning for other countries.
Still, if this "word" had a meaning anywhere in the world, or if it was an acronym, would Google give only 4,000 results for it?
So, considering that this name has no actual meaning right now, the only reason for buying it $500 (or even $350) would be that you presume that it will worth much more in the future. My question is then: what kind of end user will want to buy this name in the $x,xxx range? A Web 2.0 start-up looking for a funny name?
Sorry, but I don't "buy" it. And, yes, I strongly believe that LLLL.com are over-rated right now. The only fact that a name has 4 letters does not make it a good name. IMHO, a kind of "LLLL.com bubble" is appearing. I even suspect that this bubble is created by domainers who invested a high bunch of money in this kind of names, and are a bit desperate to get part of their money back. Unfortunately, we all know what eventually happens with bubbles...