What does 2 and L mean?

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The positions 3, 2, and L encourage the transmission to downshift prematurely to 3rd, 2nd, and 1st gear respectively. This would be used in a situation where you want to use engine braking, such as going downhill for an extended period of time. By downshifting the trans and letting off the gas, the wheels are actually working against the force of the engine, and the car slows down. The Owners Manual explains the shift points in more detail.
Engine braking saves wear on your brakes. Not enough to make a habit out of shifting like this, but as I mentioned it's very useful going downhill in a mountainous area. If you were to ride your brakes for several miles, they'd overheat and possibly fail.
Semi-truck drivers love to use engine braking as much as possible - it's easier to do with a manual transmission. But because the engine revs higher and therefore gets louder than normal, you'll often see signs like "Engine Braking Prohibited" where there are residential areas near busier roads or interstates.
You didn't ask this, but for completeness, the position "4" is the current alternative to an "Overdrive Off" switch. Rather than put in the button, they added another shift position. With the shifter set on 4 rather than D, you will prevent the trans from shifting past 4 and into overdrive.
 
That depends on a couple of variables, particularly the transmission speed selection. Definitely consult your Owners Manual - it lists the various options.
Based on the 2006 Owners Manual, the short answer appears to be about 30 MPH for a V6 in "3", but I don't think you'd want to drive that way for any length of time. 4LO is designed for power and traction, not speed.
BTW, you have to stop and put the trans in N to shift in or out of 4LO.
 
Right I've driven in 4LO for like 10 feet to get out of my driveway, lol. But other than that I've never ever used it before, but I hope to use it this winter as according to Farmers Almanac it supposed to snow alot more than last year :D . Can't wait to get those Revo's and get into winter!

Edit: O yeah I forgot to say, my owners manual is MIA, for about a year now so anybody know where I can buy one?
 
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You can order an Owners Manual through your dealer's parts department or by calling Toyota's Material Distribution Center at 800-622-2033 from 7:00 AM to 5:00 PM Pacific Time, Monday - Friday.

Alternately, you can pay for a one-day subscription to Toyota's Technical Information System (TIS) Web site for $10. On TIS, you can download the Owners Manual in PDF format, and also access the Service Manual, TSB's, and other info in PDF format. The manuals are cut into lots of little pieces, though. The Owners Manual is about 25-30 pieces, so that's reasonable to download and save. The Service Manual is in hundreds of pieces, so don't expect to download the whole thing. Web site is at http://techinfo.toyota.com.
 
gizmopt2002 said:
Right I've driven in 4LO for like 10 feet to get out of my driveway, lol. But other than that I've never ever used it before, but I hope to use it this winter as according to Farmers Almanac it supposed to snow alot more than last year :D . Can't wait to get those Revo's and get into winter!

Edit: O yeah I forgot to say, my owners manual is MIA, for about a year now so anybody know where I can buy one?

I bought my complete set of manuals (3 or 4 books) on ebay for $15.
 
I'm not sure if the 4Runner's tranny is like this, but on a lot of automatics when you shift it into 2 and start from a complete stop you actually start in 2nd, not 1st. This can be very helpful to reduce wheelspin when you're trying to get going on a slippery surface. Now, if you're in 4Lo and start from a stop the hill-start assist pretty much takes care of this, but thought it may be worth mentioning.
 

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