The common pronouncement and name for the current decade, the '00s. The 'Oughties' was created out of the word "ought" which is an old-fashioned or British way of saying "zero".
"Forget the '80s and '90s, this is the decade and time for everything that Ought to be..these are the naughty OUGHTIES!"
by Nick Adams January 17, 2007
The current decade, between the years 2000 and 2010. In English, (most often British English), "ought" can mean "zero", thus the "oughties". This is used in lieu of zero, because "zeroties" sounds awkward. Unlike with the "eighties", the "nineties" and so on, there is no one name for the current decade enjoying wide usage.
"I can't recall the exact year, but George Harrison died some time in the early oughties."
by Jontythan June 12, 2008