It's called Theory11 because when the site was first created the classified it as the 11th theory in magic, there was also 11 main operators of the site.
It should be released sometime between now and the Summer, according to rumours.
It is called the ClipShift and will be released in the summer on DVD entitled Surfaced by Chad Nelson.
And welcome to the forums. In the future use the search button since all of the questions have been answered before.
-RA69