Where the meat lives.
Hackers are actually more willing to use this term than `cyberspace', because it's not speculative - we already have a running meatspace implementation (the universe).
Compare with CyberSpace.
CraigBox wanted this name for the WaikatoUniversity ACM chapter; however some people thought it had SexualConnotations or that no-one would get the joke.
Note that at the ultra PC WaikatoUniversity, they think EVERYTHING has SexualConnotations, just so they can get offended by it...
Neil Innes wrote a rather amusing song highlighting the absurdity of many of the terms related to computing. It was called 'Face mail in the Meat Zone'.
I saw him play it live. Who's your daddy? -- CraigBox
6 pages link to MeatSpace: