A combination of woot and beautiful, ment to be an interjection. The meaning? Something along the lines of an either honestly very happy or heavily sarcastic explination of BEAUTIFUL! Useually connected to gameing, computer and the like. Can also be used by a 'gamer' to mean, hot, sexy, fucking gorgious, ect...
1337 h4x0r:Dude! That kill was fuckin' wootaful.
Gamer punk:Just bloody wootaful, my xbox got fried...
Gamer I:Man that blonde chick is wootaful.
Gamer II: Hell yes, I'd bone her.