Although the answer of what was intended is obviously 1,2,3 it does depend where you run this.

Try running it on the AdventureWorks DB of a fresh SQL 2005 Install and it will indeed error:

Msg 2714, Level 16, State 6, Line 5

There is already an object named 'define' in the database.

Msg 207, Level 16, State 1, Line 10

Invalid column name 'value'.