1.) To be happily pissed off at something.
2.) To run through the streets completely naked shouting 'WOOT!' at the top of your lungs.
1.) "Oh, wootrage, I finally get to kick your ass for a change!"
2.) "Dude, I went on a wootrage last night. The cops were chasing after me and this hobo touched my balls, but it was wicked fun."