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1. phat lewt
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!
2. phat lewt
To attain elite equipment in a game by various means.
"d00d! I got PHAT LEWT!"

or

"I want teh PHAT LEWT!!"
by Thran Feb 13, 2003 share this add a video
3. Phat Lewt
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!
4. Phat Lewt
Really awesome loot from a PKill see also: wordSick Armor