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1.
Phat Lewt = Fat Loot
Fat as in the slang word; Cool/good
Loot as in Items picked ut(looted) from mobs in games, most often mmorpgs
I want phat lewt!
I got phat lewt!
by mriswith February 28, 2006
 
2.
To attain elite equipment in a game by various means.
"d00d! I got PHAT LEWT!"

or

"I want teh PHAT LEWT!!"
by Thran February 13, 2003
 
3.
Used primarily in online mmo's, and describes exceptional treasure. Much better than regular lewt, phat lewts are usually rare and powerful items, such as weapons or armor.
w00t! phat lewts!

Man, those purple drops in Molton Core are phat lewt!
by Ted Lach January 08, 2006
 
4.
Extremely good items aquired in any game for killing a boss/completing a quest. Typically used in mmorpgs
Dude I just got phat lewt for killing that monster!
by Maximillius February 22, 2004
 
5.
Really awesome loot from a PKill see also: wordSick Armor
by three_sixteen February 13, 2003