For those of you not in the loop on the latest slang, "hacking" in this sense just means copying something expensive and making your own for cheap or free. Want a good example? Check out this Pottery Barn hack by Angie of The Country Chic Cotttage.
Inspired by this Pottery Barn banker box storage set, Angie made these out of some left-over Christmas tins and some chalkboard paint:
Instructions here at Someday Crafts.