Libel is what it's called when I fucked your mom last night. That's right, I mean you, Joe Smith, you pederast. Basically, libel is any form of abuse that is incorrect, untrue, or otherwise not correct. Correct statements, such as "My Neighbor masturbates to pictures of his own mother" are not examples of libel, but instead fit under a separate legal designation: "Fucking Hilarious" (It's Latin.)
Libel is a serious matter in modern society, due to the deleterious effect a rumor that are actually a transsexual prostitute can have on your personal life. Because of this, it is against civil law to commit libel by saying, for instance, that Wouldn't you like to know? defecates in the mouths of household pets. Unless of course he does, then go fucking crazy, post it up on bulletin boards, staple flyers showing the sicko in the act on every telephone poll in the area, rent public access TV time to inform the community. Just check with pets first and make sure you've got the right guy, or you could be fucked like how My Other Neighbor fucked his sister.
edit ____________ is a big fat drowned Czech embezzler Or How to Spot Libel When you See it
Libel is easy to spot due to the distinctive, large black block surrounding it. The tell-tale sign looks something like this: "Nobody in particular burns crosses on the yards of African-Americans." This is a clear example of libel, evidenced by the aforementioned black block covering the text. This is an all-important feature. Statements such as "You fuck goats", when not surrounded by the black block, are not examples of libel, so get over it, goatfucker.
It is advised (by homosexual racists like Oscar Wilde), to avoid engaging in Libel. Lawsuits stemming from libel cases can be costly and involved, and could easily destroy the prostitution and illicit substance ring you run from your basement.
Remember, libel is dangerous, possibly harmful, and could end up being very costly, even to crypto-Fascist Nazis like Rudyard Kipling.