Lou Montulli says in a Slashdot comment[1] that the tag played a sound clip of Marca saying "What is Global Hypermedia?" (Now who is Marca? I'm guessing Marc Andreesen? I assume he intended this to be clear from context but I'm not familiar with these people.)
I didn't know about the hype tag, but for a really long time, at least on the Unix Navigator, you could type "about:hype" into the location bar and it would play marca's audio.