Stands for "Wit Beyond Measure" in the Harry Potter fandom.
"Wit beyond measure is man's greatest treasure" was revealed to be Rowena Ravenclaw's motto in HBP when it is shown to be engraved on her diadem. Luna Lovegood also quotes her in OotP.
The abbreviation is used by fans who identify themselves with the Ravenclaw house and value system. On MyLeaky, for example, it is the official motto of Ravenclaws who aim to earn the monthly "house cup" by participating around the site a great deal.
"Wit beyond measure is man's greatest treasure," said Luna in a sing-song voice. (OP10)
Let's win this, Ravenclaws! WBM!
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