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Thanks for asking. I thought I knew this word, but a little research broadened my knowledge!
1) Sometimes, and even commonly, the phrase "greeked text" is used to mean the "lorem ipsum" text you asked about. (That's so weird -- using the word "greek" for ersatz latin!)
2) Othertimes the phrase is used mean illegible markings - which are not fonts - that represent or place-hold for aactual text.
An example for number 2 would be the display in layout or word processing programs when otherwise visible text falls below a certain screen size. Instead of bothering to render a font, which wouldn't be readable anyway, a uniform substitute marking is rendered instead.
I thought number two was the principal meaning. Turns out that's not true at all.
Wouldn't have thought of the greek/pseudo-latin connection...
Now, if joshie could explain to me what this nifty-sounding Visio stencil business is, I'd be truly happy. ;)
Basically a set of pre-drawn objects which I can drag and drop onto a visio diagram to create my first run prototype. Not really for prototyping *designs* as much as the process of developing this prototype really gets you thinking about how the interaction is going to work.
A good place to start before the slightly more time consuming HTML mock-up's.
PS - I found a good one here [studioid.com]. Look for the Download link