Wikipedia Definition: Preterism is a variant of Christian eschatology which holds that some or all of the biblical prophecies concerning the Last Days or End Times refer to events which actually happened in the first century after Christ's birth. The term preterism comes from the Latin praeter, meaning "past".
Full Preterism differs from Partial Preterism in that Full Preterists believe all prophecy was fulfilled with the destruction of Jerusalem, including the resurrection of the dead and Jesus' Second Coming or Parousia. Full Preterism is also known by several other names: Consistent Preterism, Covenant Eschatology, Hyper-Preterism (a term used by some opponents of the Full Preterist position and considered to be derogatory by Full Preterists), and Pantelism (the term "Pantelism" comes from the Greek and means, "all things having been accomplished"). Full Preterism holds that Jesus' Second Coming is to be viewed not as a future-to-us bodily return, but rather a "return" in glory manifested by the physical destruction of Jerusalem and her Temple in AD 70 by foreign armies in a manner similar to various Old Testament descriptions of God coming to destroy other nations in righteous judgment. (THE PAROUSIA WAS REALLY NATURAL ARMIES, AND NATURAL ANTITYPES???) Full Preterism also holds that the Resurrection of the dead did not entail the raising of the physical body, but rather the resurrection of the soul from the "place of the dead," known as Sheol (Hebrew) or Hades (Greek). As such, the righteous dead obtained a spiritual and substantial body for use in the heavenly realm, and the unrighteous dead were cast into the Lake of Fire. Some Full Preterists believe this judgment is ongoing and takes effect upon the death of each individual (Heb. 9:27). The New Heavens and the New Earth are also equated with the New Covenant and the fulfillment of the Law in AD 70 and are to be viewed in the same manner by which a Christian is considered a "new creation" upon his or her conversion. (THIS IS UNIVERSALISM, ALL ARE IN THE NEW COVENANT, IN THE NEW HEAVENS AND EARTH.)
Full Preterists typically reject the authority of the Creeds to condemn their view, stating that the Creeds were written by uninspired and fallible men, and that appeals should be made instead to the Scriptures themselves (sola scriptura). (No bible passage says IT HAPPENED, so their theology is based on throwing out sola scriptura.)
http://en.wikipedia.org/wiki/Preterism
