phat loot 

A term used by online gamers to describe a really helpful or stat-boosting set of items found by completing a quest, opening a container of some type, or by taking the loot from a dead monster.

Nesk- *holds up the shield* Look at this! +9 Strength!!
Rexxar- Omg!!! That's some phat loot!

phat loot by Nesk June 24, 2006