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with "0"s, not "o"s, it's l33t. And l00t is therefore useful and/or valuable and/or interesting hacked information of some kind, or a good weapon/powerup in a game.
W00T! Th1$ gu4rd h4d $0m3 w1(k3d l00t! Ultr4 ph4$0r!
l00t by Darkshadow November 2, 2004
Related Words
A cross between "lol" and "w00t". A celebratory laugh, if you will. Used when you're celebrating something funny.
Hey, I just did something amazing and slightly humourous, l00t!
l00t by Yoshi X2 September 24, 2005

phat l00t 

A World of Warcraft term, meaning awesome items the greatly increase the usefulness of your character.
"Holy shit! The entire Bloodfang set dropped and was given to one rogue!"

"PHAT L00T!"
phat l00t by Hadranos September 5, 2006
What you get when you raid and pillage someone's base (after raping the women)
Dude my grunts just got mad l00tage after storming ur base and pwning ur castle lawl!

I broke into that bitches house and stoled hurr jewls keke!
Mad l00tage!
l00tage by Chrisman! April 30, 2006