Learn by doing. Get things done, one way or the other. The very essence of hacking!
A hack would be to let the TIME web team to know the details of the crack and the solution to fix it.
In the grand scheme of things, the ranking of TIME's list is relatively unimportant. I believe this is only the second time they've done a ranking poll, and it was effectively gamed last time as well (by a much larger group of people, though: Stephen Colbert fans and Rain fans).
I assume that a hack is the product from a hacker and I get my definition of hacker from the article "How to Become a Hacker" by Eric Steven Raymond.